Press Release Source: Berger & Montague

Clients of Beasley Hauser Kramer Leonard & Galardi, P.A. and Berger & Montague, P.C. File Class Action Lawsuit Against WCI Communities, Inc. and The Resort at Singer Island Properties, Inc.
Friday February 1, 11:09 am ET

 

PHILADELPHIA, PA--(MARKET WIRE)--Feb 1, 2008 -- The law firms of Beasley Hauser Kramer Leonard & Galardi, P.A. ("Beasley Hauser") and Berger & Montague, P.C. ("Berger & Montague") announce that on January 23, 2008, a securities class action lawsuit was filed against WCI Communities, Inc. ("WCI") (NYSE:WCI - News) and The Resort at Singer Island Properties, Inc. (collectively, the "Defendants"). The lawsuit was filed on behalf of all persons who purchased one or more of the 239 hotel condominium units (the "Hotel Units") in The Resort at Singer Island (the "Singer Island Resort"). The Singer Island Resort is located in Palm Beach, Florida.

 

The complaint alleges that the Defendants violated section 12(a)(1) of the Securities Act of 1933, 15 U.S.C. 77(l)(a)(1), by failing to register with the Securities and Exchange Commission (the "SEC") the public offering of the Hotel Units. The complaint also alleges that defendant WCI violated section 15 of the Securities Act, 15 U.S.C. 77o, by controlling the operations of its wholly owned subsidiary, defendant Singer Island Resort, in offering the Hotel Units for sale without registering them with the SEC. The plaintiffs seek to rescind their acquisition of the Hotel Units and/or rescissory or other damages in an amount to be proven at trial.

 

If you acquired a Hotel Unit and sustained losses and wish to serve as lead plaintiff, you must move the Court no later than 60 days from January 23, 2008 to appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss this action or your rights, please contact Beasley Hauser (561/835-0900) or Berger & Montague (800/424-6690) for a more thorough explanation of the lead plaintiff selection process and the litigation. A copy of the complaint is available from the Court, or can be obtained from plaintiffs' counsel.