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Litigation Release No. 16471 / March 16, 2000

Securities and Exchange Commission v. Long Distance Direct Holdings, Inc.

Civil No. 00-CV-0038 (WBB) (D.D.C.) (filed January 7, 2000).

The Securities and Exchange Commission today announced that on March 13, 2000, the United States District Court for the District of Columbia entered a Final Judgment of Permanent Injunction finding that Long Distance Direct Holdings, Inc. was delinquent in its obligation to make available to the investing public current and accurate information about its financial condition and results of operations through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934 ("Exchange Act") Section 13(a) and Rules 12b-25, 13a-1 and 13a-13 thereunder. Specifically, the judgment finds that that LDDI has not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 1998; or its Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 1998 and March 31, June 30 and September 30, 1999. The judgment also found that LDDI filed late its Annual Reports for December 31, 1995 and 1997; and its Quarterly Reports for the fiscal quarters ended March 31, 1996 and March 31 and June 30, 1998 and failed to file four Notifications of Late Filing for its delinquent reports. The judgment compels LDDI to file its Annual Report on Form 10-K for the period ended December 31, 1998 and its Quarterly Reports on Form 10-Q for the periods ended March 31, 1999, June 30, 1999 and September 30, 1999, on or before April 30, 2000 and enjoins it from further violations of the referenced statutes and regulations. LDDI consented to the entry of the judgment. [See also Litigation Release 16403.]