Post by noahltl on Oct 5, 2005 13:28:01 GMT -6
Great West Gold Considers Filing of Lawsuit
Wednesday October 5, 3:03 pm ET
Company Believes That Certain Internet Posters are Engaged in Illegal Trading Activities & Stock Manipulation Schemes
NEW YORK, Oct. 5 /PRNewswire-FirstCall/ -- Great West Gold, Inc. (OTC Bulletin Board: GWGO - News) announced today that the Company is considering filing a lawsuit containing claims for defamation and unfair business practices against a number of anonymous "John Doe" defendants, their pseudonyms being well known to the Company and its investigators, alleging that these defendants have distributed false, fraudulent and misleading misinformation on Internet message boards in an effort to damage Great West Gold Inc.'s business and its shareholders, and to drive down the value of its stock in order to reap profits for themselves.
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The 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 the price of its Stock.
The company has, for a period of time, been monitoring the postings by these individuals and is at this time gathering 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 possible lawsuit would be 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 Great West Gold, Inc. 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 Richard Axtell, the Chairman of Great West Gold, Inc.
"The Company's investigations to date have in respect of 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 the Company and its shareholders."
"As the company remains focused on the restructuring of the business, our Management 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."
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About Great West Gold, Inc.:
Great West Gold, Inc. (www.greatwestgold.com) is a gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
This release was issued through Major Newswire (http://www.majornewswire.com)
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Source: Great West Gold, Inc.
Wednesday October 5, 3:03 pm ET
Company Believes That Certain Internet Posters are Engaged in Illegal Trading Activities & Stock Manipulation Schemes
NEW YORK, Oct. 5 /PRNewswire-FirstCall/ -- Great West Gold, Inc. (OTC Bulletin Board: GWGO - News) announced today that the Company is considering filing a lawsuit containing claims for defamation and unfair business practices against a number of anonymous "John Doe" defendants, their pseudonyms being well known to the Company and its investigators, alleging that these defendants have distributed false, fraudulent and misleading misinformation on Internet message boards in an effort to damage Great West Gold Inc.'s business and its shareholders, and to drive down the value of its stock in order to reap profits for themselves.
ADVERTISEMENT
The 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 the price of its Stock.
The company has, for a period of time, been monitoring the postings by these individuals and is at this time gathering 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 possible lawsuit would be 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 Great West Gold, Inc. 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 Richard Axtell, the Chairman of Great West Gold, Inc.
"The Company's investigations to date have in respect of 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 the Company and its shareholders."
"As the company remains focused on the restructuring of the business, our Management 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."
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About Great West Gold, Inc.:
Great West Gold, Inc. (www.greatwestgold.com) is a gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in Arizona. Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
This release was issued through Major Newswire (http://www.majornewswire.com)
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Source: Great West Gold, Inc.
