The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Globalstar, Inc

Business Wire, Feb 12, 2007

CONSHOHOCKEN, Pa. -- Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased in the initial public offering ("IPO") or otherwise acquired publicly traded securities in the open market of Globalstar, Inc. ("Globalstar" or the "Company") (NASDAQ:GSAT) between November 2, 2006 and February 6, 2007, inclusive, (the "Class Period"). The lawsuit was filed against Globalstar and certain officers and directors ("Defendants").

If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than April 10, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that Defendants violated the federal securities laws. On or about November 2, 2006, the IPO Prospectus (the "Prospectus") became effective and at least 7.5 million shares of Globalstar were sold to the public. However, the complaint alleges that the Prospectus failed to disclose that Globalstar's constellation of satellites was degrading at an increasingly rapid rate and that the length of their commercial viability was quickly decreasing.

On February 5, 2007, Globalstar indicated that it had received updated information regarding its constellation of satellites and that the rate of degradation had accelerated. In reaction to this news, shares of Globalstar fell from $14.48 to $10.40 per share, a one-day decline of 28.2%.

If you bought Globalstar securities between November 2, 2006 and February 6, 2007, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 668-4130 to speak with an advisor.