News for the Hospitality Executive
Class Action Lawsuit Against WCI Communities, Inc. and
at Singer Island Properties, Inc.; Suit Claims Hotel Units
Sold Without Registering Them with the SEC
WEST PALM BEACH, Fla., June 3, 2008 - The law firm of Beasley Hauser Kramer Leonard & Galardi, P.A. ("Beasley Hauser") announces this revised notice that on January 23, 2008, a securities class action lawsuit, entitled "PAUL MASTRELLA, SAMUEL LASORDA, GEORGE MELILLO, MICHAEL OCCHIATO and BRIAN SHAVER, Plaintiffs, v. WCI COMMUNITIES, INC. and THE RESORT AT SINGER ISLAND PROPERTIES, INC., Defendants" was filed against WCI Communities, Inc. ("WCI") (NYSE:WCI) and The Resort at Singer Island Properties, Inc. (collectively, the "Defendants"). The named plaintiffs are represented by Beasley Hauser.
The action is pending in the United States District Court for the Southern District of Florida, before Judge Daniel Hurley, Case number 08-80055-CIV- Hurley/Hopkins, located at 701 Clematis Street, West Palm Beach, Florida 33401.
The lawsuit was filed on behalf of all persons who purchased one or more of the 239 hotel condominium units (the "Hotel Units") in The Resort at Singer Island (the "Singer Island Resort") during the period of January 25, 2005 through January 23, 2008 (the "Class Period"). The Singer Island Resort is located in Palm Beach County, Florida.
The complaint alleges that the Defendants violated section 12(a)(1) of the Securities Act of 1933, 15 U.S.C. Section 77(l)(a)(1), by failing to register with the Securities and Exchange Commission (the "SEC") the public offering of the Hotel Units. The complaint also alleges that defendant WCI violated section 15 of the Securities Act, 15 U.S.C. Section 77o, by controlling the operations of its wholly owned subsidiary, defendant Singer Island Resort, in offering the Hotel Units for sale without registering them with the SEC. The plaintiffs seek to rescind their acquisition of the Hotel Units and/or rescissory or other damages in an amount to be proven at trial.
If you acquired a Hotel Unit and sustained losses and wish to serve as lead plaintiff, you may move the Court no later than 60 days from the date of the publication of this revised notice to appoint you as lead plaintiff, if you so choose. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation; in order to serve as lead plaintiff, you must meet certain legal requirements. A copy of the complaint is available from the Court.
This Notice is a revised notice that is being published in accordance
with the Order of the Court, dated May 28, 2008.
James W. Beasley, Jr., Esq.
|Also See:||WCI Communities Opens the $210 million The Resort at Singer Island, a Member of The Luxury Collection; The 239 All-suite Resort the Largest Hotel Development in Palm Beach County Since 1991 / April 2007|
|WCI Communities Selects Starwood's Luxury Collection as Brand and Operator for The Resort at Singer Island / August 2004|