ARDMORE, Pa.-A class action lawsuit was filed in the U.S. District Court of New Jersey against MobileMedia Corp. and certain of its former and current executives. It is the second class action lawsuit filed since the company made serious financial and operating concerns public on Sept. 27, including expected loan violations (which did ensue), errors in FCC filings, increased churn figures and a third quarter loss.
A pension plan that purchased shares of MobileMedia between Sept. 14, 1995, and Sept. 27, 1996, is the named plaintiff in a lawsuit that alleges MobileMedia made false and misleading statements regarding its troubles integrating MobileComm, failed to make known the severity of integration problems and failed to disclose violations of Federal Communications Commission regulations regarding applications filed for local one-way paging stations.
Greenfield & Rifkin L.L.P., Ardmore, Pa., and Wolf Haldenstein Adler Freeman & Herz L.L.P., New York, are representing the pension plan in the lawsuit. Gregory Rorke, MobileMedia’s former chief executive officer, resigning CEO Michael Lorelli, Chairman and acting CEO David Bayer, and John Kealey, former president and chief operating officer, are named as defendants along with the company.
MobileMedia investor relations spokeswoman Laura Wilker said MobileMedia “had not been served” by the court and she knew only as much regarding the lawsuit as the information released by defendant attorneys Greenfield and Rifkin.
