SAN FRANCISCO, Feb. 22 /PRNewswire/ -- Gutride Safier LLP (http://www.gutridesafier.com/) announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida against Whitney Information Network ("Whitney" or the "Company") (OTC:RUSS) (BULLETIN BOARD: RUSS) The lawsuit claims that Whitney, its Chief Executive Officer Russell Whitney and its former Chief Operating Officer, Nicholas S. Maturo, violated Section 10(b) of the Securities Exchange Act of 1934 by issuing false and misleading statements to the investing public. The lawsuit alleges that defendants issued a series of false and misleading statements, emphasizing the success of its marketing programs and its acquisitions of related companies. Capitalizing on the rapid increase in the Company's stock price resulting from these positive announcements, defendants completed a private placement of Whitney stock in December 2005, in which defendant Whitney sold 1.25 million of his own holdings for proceeds of over $5.6 million. Between November 21, 2006 and December 15, 2006, the truth concerning the Company and its fraudulent business practices began to surface. On November 21, 2006, defendants revealed that the Securities and Exchange Commission had begun an investigation to determine whether the Company violated any securities laws in connection with: (a) the efficacy or trading success of the Company's stock market education programs; and (b) the Company's acquisition of certain other companies. Then, on December 15, 2006, it was revealed that the United States Attorney for the Eastern District of Virginia had launched a grand jury investigation into the marketing activities of the Company, stretching back to 2002. A few days later, it was announced that defendant Maturo as well as Whitney's Vice President of Sales had "departed" from the Company. In response to the news, Whitney stock plunged from $8.20 per share to less than $4 per share on December 18, 2006 on unusually heavy trading volume. If you purchased stock (or bought call or sold put options) in Whitney between November 18, 2003 and December 15, 2006 ("Class Period"), you may be a member of the proposed class, and you have until February 27, 2007 to move the Court to become the lead plaintiff. Lead plaintiffs must meet certain legal requirements. If you wish to discuss the action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Reese of Gutride Safier LLP at 212-579-4625 or . Please provide your name, email address and telephone number. For more information about Gutride Safier LLP and its attorneys who are experienced in prosecuting complex securities and consumer class actions please visit http://www.gutridesafier.com/ DATASOURCE: Gutride Safier LLP CONTACT: Michael Reese, Esq. of Gutride Safier LLP, +1-212-579-4625 Web site: http://www.gutridesafier.com/

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