INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP IS INVESTIGATING A POTENTIAL SHAREHOLDER CLASS ACTION AGAINST SUNTERRA CORPORATION - SNRR.PK
New York, NY July 24, 2006 - Murray, Frank & Sailer LLP is investigating a potential class action on behalf of shareholders who purchased or otherwise acquired the securities of Sunterra Corporation (“Sunterra” or the “Company”) (OTC: SNRR.PK) between April 15, 2003 and June 22, 2006, inclusive (the “Class Period”).
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On March 23, 2006 the Company's independent auditor Grant Thornton, LLP sent the SEC a previously undisclosed letter from a former employee of Sunterra detailing allegations concerning certain ``accounting practices'' of the Company's Spanish Operations. On March 27, 2006 the Company announced that it had terminated Grant Thornton as its independent auditor. On May 2, 2006, the Company terminated its Managing Director of Sunterra Europe.
On May 3, 2006 the Company announced that its financial results for the fiscal years ended December 31, 2002 to September 30, 2005 and the fiscal quarter ended December 31, 2005 contained material inaccuracies and should no longer be relied upon.
On June 22, 2006, the Company announced that it had placed its CEO, Nicholas J. Benson, on administrative leave pending the completion of the Company's investigation into the Company's accounting practices and the allegations by the former employee. That same day, the Company announced that its CFO, Steven E. West, had resigned. As a result of these adverse disclosures, the Company's stock declined nearly 50%. Subsequently, on July 6, 2006, the Company's stock was de-listed from the Nasdaq.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Sunterra securities on any world exchange between April 15, 2003 and June 22, 2006, and sustained damages, you may be eligible to be a plaintiff in the action. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]