Universal Express' Lawsuit of $1.4 Billion USD to Move SEC to United States Appellate Court
Business Wire - April 04, 2005 10:34
NEW YORK, Apr 04, 2005 (BUSINESS WIRE) -- Universal Express Inc. (OTCBB: USXP) today reports that compensatory damages in the Company's suit filed against the Security and Exchange Commission with respect to the "naked shorting" scandal is now estimated to exceed $1.4 Billion USD.
"Despite the fact that the SEC ignored, denied and attempted to cover-up the 'naked short selling' scandal, Universal Express and others have been courageously exposing this SEC issuance of trillions of counterfeit shares as a violation of criminal statutes and a destruction of public trading confidence," said Christopher G. Gunderson, General Counsel of Universal Express.
"Fortunately, the company's lawsuit will now be considered by the United States Court of Appeals for the Eleventh Circuit, the second highest Court in America. We anticipate that this venue will be less expensive with a shorter deliberation outcome than a full Jury trail of such importance, which would have been appealed inevitably by either side. We enthusiastically welcome the high profile and more practical Court of Appeals," continued Mr. Gunderson.
"The Company filed suit in Florida against the SEC and its conflicted and unchecked agents for interference and harassment with its ongoing developing business relationships in obvious retaliation for the Company's high profile exposure of the agency's 'naked short selling' scandal.
"The SEC retaliated with a spurious and unproven press release and lawsuit in an attempt to 'venue' or 'forum' shop rather than to join the existing lawsuit in Florida or to simply solve the problem.
"The SEC's recent SHO list with a 'grand-fathered' clause to forgive the past illegalities of short selling American securities is an attempted cover-up of this ongoing scandal. Imagine that trillions of shares, questionable compensation to the SEC, billions of dollars of un-owned securities stolen from thousands of companies and hundreds of thousands of stockholders should all be 'grandfathered' simply because the SEC decreed it should, without financial settlement of these massive illegal short stock positions!" concluded Mr. Gunderson.
"Despite our timely and much discussed Luggage Express (www.usxpluggageexpress.com), our growing private postal trade association (www.universalpostnetwork.com), and our technologically advanced retail division (www.universalcashexpress.com), Universal Express finds itself, while it develops a new American public conglomerate, to be regrettably embroiled in a righteous legal proceeding on behalf of American shareholders against the same agency empowered to assist us in our development of jobs, revenues and stock valuation," said Richard A. Altomare, Chairman & CEO of Universal Express.
"The SEC was created by our Congress to fairly and professionally regulate our public trading systems, develop new companies, opportunities and jobs. Since 1997, Universal Express has been persistently requesting assistance from the Legislative and now Judicial branches of our government against an unchecked and all powerful agency that, in our opinion, has through electronic and computer trading lost its way and is either unable or unwilling to ask for help or directions. I believe that the Appellate Court may have the answers for the thousands of companies that Universal Express will represent as we now take the scandal of 'naked short selling' and abuse of power to the second highest Court in our Land," concluded Mr. Altomare.
About Universal Express
Universal Express, Inc. is a 22-year old logistics and transportation conglomerate with multiple developing subsidiaries and services. For more information please visit www.usxp.com
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE: Universal Express Inc.
Equitilink L.L.C.
Ron Garner, 877-788-1940 (toll free)
858-824-1940 (International or local)
www.equitilinkpr.com
Copyright Business Wire 2005
AI
