Eagle Broadband (AMEX:EAG)
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Company to Aggressively Seek Damages and Injunctive Relief to Ban
Posters from Distributing False, Fraudulent and Misleading Information
Designed to Damage the Company, its Shareholders and Stock
Eagle Broadband, Inc. (AMEX:EAG), a leading provider of broadband,
Internet protocol (IP) and communications technology and services,
announced today that the company has filed a lawsuit containing claims
for defamation and unfair business practices in the Superior Court of
California against 25 anonymous "John Doe" defendants alleging that
these defendants have distributed false, fraudulent and misleading
misinformation on Internet message boards in an effort to damage
Eagle's business and its shareholders, and to drive down the value of
its stock in order to reap profits for themselves.
The 25 "John Doe" defendants named in the lawsuit include
individuals using the following Internet message board ID's:
"upanddown100", "team_3339", "bubba2o", "benderanddundat",
"advanced_headlines", "richwill21", and "phil_phd2003", among others.
The company may add additional defendants to this lawsuit as
additional evidence warrants.
The company has evidence that these posters have engaged in
unlawful activities and is seeking monetary and punitive damages from
these individuals and/or firms who have engaged in deliberate
misinformation campaigns designed to drive down the price of the
company's stock in an apparent attempt to capture illegal gains from
short sales.
The fraudulent and misleading information distributed by these
defendants has been posted on widely visited financial Internet
message boards including Yahoo! Finance, Raging Bull and others. The
information has included, but is not limited to, fraudulent statements
about the financial condition and business activities of the company,
erroneous information about the company's products, partners and
customers, and personal attacks against the company's management,
board of directors and employees. The lawsuit is designed to stop
these individuals and/or firms from continuing these illegal
activities as well as to seek the full measure of damages and other
remedies permitted by law.
"While Eagle Broadband fully respects individuals' right to free
speech, we will not tolerate deliberate misinformation campaigns that
disseminate false and fraudulent statements that damage the company,
our shareholders and the value of our stock," said David Micek,
President and CEO of Eagle Broadband.
Micek continued, "The internal committee we previously formed to
investigate improper trading activities has uncovered solid evidence
of fraudulent and defamatory information being posted on various
Internet sites. While we support the use of the Internet to discuss
the company and its progress, we believe it is now appropriate to
aggressively pursue all available regulatory and legal remedies
against those engaging in these illegal schemes. Our goal is to do
everything we can to put a stop to these illegal activities and seek
maximum damages for the benefit of Eagle and its shareholders."
"As the company remains focused on growing the business, our
internal committee and legal team will continue to closely monitor the
online message boards, and we will remain extremely vigilant in our
efforts to uncover and take action against any individuals or firms
engaged in these illegal activities," Micek added.
About Eagle Broadband
Eagle Broadband is a leading provider of broadband, Internet
Protocol (IP) and communications technology and services that create
new revenue opportunities for broadband providers and enhance
communications for government, military and enterprise customers.
Eagle leverages years of proven experience delivering advanced,
IP-based broadband bundled services to provide service provider
partners with a way to deliver next generation entertainment,
communications and security services to their subscribers. The
company's product offerings include IPTVComplete(TM), the fastest,
lowest cost way for broadband providers to deliver the most
competitive IP video services; the MediaPro line of HDTV-ready IP
set-top boxes that enable broadband providers and hotel operators to
maximize revenues by delivering state-of-the-art, interactive
entertainment services; and the SatMAX(TM) satellite communications
system that provides government, military, homeland security and
enterprise customers with reliable non-line-of-sight voice and data
communications from any location on Earth. The company is
headquartered in Houston, Texas. For more information, please visit
www.eaglebroadband.com or call 281-538-6000. (EAGG)
Forward-looking statements in this release regarding Eagle
Broadband, Inc. are made pursuant to the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of
the company's products, increased levels of competition, new products
and technological changes, the company's dependence upon third-party
suppliers, intellectual property rights, and other risks detailed from
time to time in the company's periodic reports filed with the
Securities and Exchange Commission.