Ashton Technology Group (fka ASTN)

[MMMARY]

ASTN director again sued for FRAUD

Valentine sure stays busy. Note the MMs names.

"Tuesday November 13, 9:46 am Eastern Time
Press Release
SOURCE: Eagletech Communications Inc.
Eagletech Communications Sues 40 - Financial Firms, Market Makers, Brokers, & Individuals Charging Fraud & Conspiracy
Common Law Fraud, Civil Conspiracy, Conversion and Violation of the Rico Act Are Alleged in a Scheme to Manipulate the Company's Stock

FORT LAUDERDALE, Fla., Nov. 13 /PRNewswire/ -- Eagletech Communications Inc. (OTC Bulletin Board: EATC - news) a wholesale provider of next generation enhanced telecom services to carriers today announced that it has filed suit in the Florida 11th Circuit Court against a total of over 40 defendants, including: Salomon Smith Barney, and six of its present or former NY-Wall Street area office high level executives, certain market makers, including Knight Securities, Schwab Capital Markets, and Thompson Kernaghan, certain broker/dealers including, Oscar Gruss & Son, Liss Financial, and National Securities, certain investment banking firms including, The Paradigm Group, Valley Forge Securities (formerly Bryn Mawr Investment Group), alter- ego corporations, Trinity Technology Management Incorporated, Lloyds Bahamas Securities LTD., former Eagletech CEO Robert Dobbs, and key individuals, Randall S. Goulding, John P. Dorocki, and John Serubo, among others. Eagletech is represented in this action by attorney firms O'Quinn, Laminack & Pirtle, of Houston, Texas, Christian Wukoson Smith & Jewell, also of Houston, Texas, and Arthur W. Tifford P.A., of Miami, Florida. The suit alleges among other things, that during the period from February 1999 through the present, the defendants, working in concert, orchestrated ``Pump & Dump'' then ``Toxic Convertible or Death Spiral'' schemes, reneged on subsequent funding commitments, and illegally manipulated the stock by an organized campaign of short selling to depress the price. This has resulted in the alleged bilking of at least $100 million dollars in market capitalization from the company's stock and ultimately from the pockets of its common shareholders, the attempted ``takeover'' of 95% of the company's stock and the attempted ``stealing'' of its valuable patented technology. The suit asks for compensatory damages, rescission of agreements, the return of millions of dollars in illegally converted property, treble damages, attorneys' fees, establishment of a constructive trust, and the right to plead punitive damages. A separate action against these defendants by the common shareholders is also contemplated.

``Most companies that have suffered this fate, are so financially weakened by the organized attacks on their stock, that they have little choice but to turn their companies over to these people, who after the takeover offer jobs and new funding, usually the same funding they once denied the company,'' stated Rod Young, Co-founder, President and CEO of Eagletech. ``We are the exception. We will not accept this brand of financial terrorism. We will rebuild this company!''

According to Young, ``Timely, best describes Eagletech's patented technology that delivers next-gen enhanced services to carriers without having to purchase next-gen switches. With the current telecom capital implosion well under way, billions in redundant capital expenditures could be preserved, by extending the function of existing switches with Eagletech's technology. The company's mission is to forge ahead, re-capitalize, establish new strategic relationships, and return the value that has been stolen from the shareholders. Eagletech is open for business!''

Lead council for Eagletech is John O'Quinn of O'Quinn, Laminack & Pirtle. Mr. O'Quinn was also the lead counsel for the State of Texas in the $16.5 billion settlement against the tobacco industry and is rated as one of the top ten plaintiffs counsel in the United States. He has obtained verdicts and settlements exceeding $25 billion in his career. Florida counsel, Arthur Tifford recently won a judgment in a similar ``Toxic Convertible'' - ``Death Spiral'' case totaling $389 million. ITIS dba Litidex, a wholly owned subsidiary of ITIS, Inc., formerly Internet Law Library (OTC Bulletin Board: ITII - news) has been retained by the law firms to handle litigation support.

Mr. O'Quinn stated, ``We filed this lawsuit based upon an investigation of the financing and of the principals and associates involved. It is our opinion that our client and its shareholders, like many others, have been victimized and damaged by predatory financing schemes involving numerous market makers and others designed to enrich the financiers to the ruination of the companies financed. When the financiers recognize tremendous potential in a company the scheme also includes the takeover of those companies. Our firm is committed to litigate this matter to a successful conclusion, regardless of the number of parties ultimately named, the time involved or the expenses we must incur or advance, for our clients.'' Gary M. Riebschalger of the firm said, ``The damage done to small companies and the people who work for them is outrageous. These arrogant, selfish financiers who use offshore devices and fraudulent schemes to enrich themselves at the expense of the people must stop. We will expose them and their 'fat cat' buddies to the bright light of justice.''...
http://biz.yahoo.com/prnews/011113/fltu009_1.html





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Just say NO to stock fraud!