SAN DIEGO-Law firm Milberg Weiss Bershad Hynes & Lerach L.L.P. said it filed a class-action lawsuit in the United States District Court for the District of Minnesota on behalf of purchasers of Rural Cellular Corp. publicly traded securities between May 7, 2001, and Nov. 12, 2002.
The complaint charges that Rural Cellular and certain of its officers and directors issued false and misleading financial statements in violation of the Securities Exchange Act of 1934 causing Rural Cellular shares to trade at artificially inflated levels. The complaint notes that on Nov. 12, 2002, Rural Cellular revealed that its fiscal 2001 through second quarter 2002 results had been materially misstated and would have to be restated.
