Class Action Suit Filed Against ECtel
19 January 2005ECtel Ltd. (Nasdaq: ECTX) announced today that a class action complaint had been filed in the District Court of the State of Maryland against the Company, certain officers and directors of the Company who served in such positions in the years 2001-2003, as well as ECI Telecom Ltd. (a major shareholder during the referenced period). The complaint alleges violation of U.S. Federal Securities laws and breach of fiduciary duties in connection with disclosure of ECtel's financial results between April 2001 and April 2003. The Company stated that it believes that the allegations made in the complaint are without merit and that it intends to vigorously defend against such complaint.
About ECtel Ltd. ECtel is a leading global provider of cutting-edge Fraud Prevention and Revenue Assurance solutions for converged telecommunications networks. Based on proprietary state-of-the-art hardware and software technologies, ECtel's cost-effective systems are used by premier telecommunications operators throughout the world. ECtel Ltd. is traded on NASDAQ under the symbol ECTX. For additional information, visit the ECtel web site at http://www.ectel.com
Certain statements contained in this release contain forward-looking information with respect to plans, projections or future performance of the Company, the occurrence of which involves certain risks and uncertainties, including, but not limited to, the slow down in expenditures by telecom operators the unpredictability of the telecom market, product and market acceptance risks, the impact of competitive pricing, product development, fluctuations in quarterly and annual results of operations, dependence on several large customers, commercialization and technological difficulties, risks related to our operations in Israel, and other risks detailed in the Company's annual report on Form 20-F and other filings with the Securities and Exchange Commission. ECtel undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts: ECtel Ltd. Avi Goldstein Senior Vice President and CFO Tel: +972-3-9266112 Fax: +972-3-9266103 Email: Avig@ectel.com
ECtel Ltd. Danit Hakimian Investor Relations Coordinator Tel: +972-3-9266113 Fax: +972-3-9266103 Email: Danith@ectel.com
Source: PR Newswire
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