Weiss & Yourman Announces Lernout & Hauspie Speech Products Named in Class Action Lawsuit

Business Wire, Jan 19, 1999

NEW YORK--(BUSINESS WIRE)--Jan. 19, 1999--Weiss & Yourman announced today a class action lawsuit against Lernout & Hauspie Speech Products ("L&H" or the "Company") (NASDAQ: LHSPF)and certain individuals associated with the Company was commenced today in the United States District Court for the Eastern District of New York, Case No. CV 99-339, on behalf of investors who purchased L&H shares in the period February 3, 1998 through December 1, 1998 (the "Class Period").

The complaint alleges that defendants violated the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange Act of 1934) by engaging in aggressive and improper accounting practices which inflated earnings and L&H's stock price by reducing the adverse impact of L&H's acquisitions on earnings in subsequent quarters. The complaint also alleges that the individual defendants and other L&H executives reaped millions in proceeds from stock sales while in possession of the material adverse non-public information regarding L&H.

This action seeks to recover damages on behalf of defrauded investors during the Class Period. Plaintiff is represented by Weiss & Yourman and Stull, Stull & Brody, law firms having significant experience and expertise prosecuting class actions on behalf of investors and shareholders in federal and state courts throughout the United States, particularly those involving financial reporting improprieties. The firms have repeatedly been appointed by courts as lead counsel in numerous complex litigations and have recovered hundreds of millions of dollars on behalf of investors.

If you purchased L&H securities during the Class Period you may move the court no later than March 20, 1999 to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements.

To assure that you will be included in a list of class members, or if you wish to discuss this action, have any questions concerning this notice, or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact David C. Katz by calling toll-free (888) 593-4771 or (212) 682-3025 in New York City, or via Internet electronic mail at wynyc@aol.com or by writing Weiss & Yourman, The French Building, 551 Fifth Avenue, Suite 1600, New York City 10176, or Patrick Slyne by calling toll-free (800) 337-4983 or (212) 687-7230 in New York City or via Internet electronic mail at ssbny@aol.com or by writing Stull, Stull & Brody, 6 East 45th Street, New York City 10017.