Articles > Popular publications > Business Wire press releases > July-September 1998 > Wednesday, July 1

Article: Premiere Technologies Inc. Sued for Concealing Acquisition Integration Failure.

Article from:
Business Wire
Article date:
July 1, 1998
Copyright

PHILADELPHIA--(BUSINESS WIRE)--July 1, 1998--Premiere Technologies, Inc. (NMS:PTEK) ("Premiere) and various of its senior officers have recently admitted that Premiere's integration of large acquisitions, including Voice-Tel, VoiceCom, and Xpedite (OT:XPED), was progressing poorly and was dramatically affecting the Company's earnings.

These shocking revelations were contrary to prior, positive statements of Premiere and its senior offers which touted a seamless integration resulting in decreased operating costs. These revelations sent Premiere's stock price plummeting.

As a result of the misrepresentations and omissions of Premiere and various of its ...

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