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GlobeSt.com UPDATE: Lawsuits Mount Against Eagle Building

MIAMI-Eagle, a Boca Raton, FL-based multifamily development and construction company, is now staring down the barrel of its fifth class-action lawsuit stemming from charges that it fabricated earnings.

By Alex Finkelstein | Updated on April 11, 2002

MIAMI-Already admitting to the Securities and Exchange Commission that it published fabricated earnings from operations in India for fiscal 2000 and 2001, Boca Raton, FL-based Eagle Building Technologies Inc. Thursday faced its fifth federal class-action lawsuit in 30 days.

The suits specifically seek unspecified damages, expected to be in the millions, for shareholders owning Eagle stock from April 18, 2001 through Feb. 14, 2002.

Trading on the Over-the-Counter Bulletin Board, Eagle Stock dropped during the period from $12.30 per share to $1.44, according to the newest lawsuit filed April 11 by West Palm Beach, FL-based Berman DeValerio Pease Tabacco Burt & Pucillo.

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