Wechsler Harwood Announces Class Action Against Lernout & Hauspie Speech Products, N.V. -NASDAQ: LHSPF-

Business Wire, Jan 25, 1999

NEW YORK--(BUSINESS-WIRE)--Jan. 25, 1999--Notice is hereby given that on January 25, 1999, a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York against Lernout & Hauspie Speech Products, N.V. ("Lernout" or the "Company") (NASDAQ: LHSPF) and certain of its officers and directors on behalf of all persons who purchased or otherwise acquired shares of Lernout common stock at artificially inflated prices (the "Class") between February 3, 1998 and December 4, 1998, inclusive (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).

The Complaint also alleges that the individual defendants reaped millions of dollars in proceeds from stock sales while in the possession of material adverse non-public information.

On heavy trading volume, the price of Lernout stock fell from its close on December 1, 1998 of $40.00 per share by $7.00 in just three days to close at $33.00 per share on December 4, 1998 (the end of the Class Period), down from a Class Period high of $68.00 per share.

Plaintiff is represented in this class action by the New York law firms of Wechsler Harwood Halebian & Feffer LLP, and Garwin Bronzaft Gerstein & Fisher L.L.P. which have extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions.

If you are a member of the Class described above, you may, not later than 60 days from January 19, 1999, move the court to serve as a lead plaintiff, provided you meet certain legal requirements.

If you wish to discuss this action, or have any questions concerning this notice or your rights or interests with respect to this matter, please contact:

Stuart D. Wechsler, Esq., Jeffrey M. Haber, Esq. or Frederick W. Gerkens, III, Esq. at Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, by contacting us through e-mail addresses at: jhaber@whhf.com, fgerkens@whhf.com, or by calling (212) 935-7400; or by contacting Scott W. Fisher, Esq. Garwin Bronzaft Gerstein & Fisher, L.L.P., 1501 Broadway, Suite 1416, New York, New York 10036-5601 at (212) 398-0055 or at gbgf@aol.com.