NEW YORK-The law firm of Abbey, Gardy & Squitieri L.L.P. announced a class-action lawsuit
has been filed in U.S. District Court for the Southern District of Florida on behalf of all purchasers of the common
stock of Let’s Talk Cellular & Wireless Inc. between Nov. 25, 1997, and July 2, 1998.
The complaint alleges Let’s
Talk Cellular and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Among other things, the complaint alleges the defendants failed to disclose sales were being adversely impacted by
undisclosed changes in Let’s Talk Cellular’s incentive pay system, and Let’s Talk Cellular was incurring additional costs
due to delays in the integration of acquired companies.
The complaint also alleges that while the price of Let’s Talk
Cellular was artificially inflated by the defendants’ materially misleading statements and omissions, the defendants sold
shares of Let’s Talk Cellular common stock for gross proceeds exceeding $1.2 million.
