Wolf Haldenstein Announces Filing Of Class ActionAgainst Carnegie International Corp.

NEW YORK--(BUSINESS WIRE)--June 14, 1999--

The following is an announcement by Wolf Haldenstein Adler Freeman & Herz LLP:

Wolf Haldenstein Adler Freeman & Herz LLP announces that it filed a class action lawsuit in the United States District Court for the District of Maryland

The lawsuit charges Carnegie and several of its top officers with violations of the securities laws and regulations of the United States. On April 30, 1999, the last day of the Class Period, trading in Carnegie was suspended by the AMEX and has not yet resumed. It was only after trading was suspended that the investing public learned that the SEC had rejected Carnegie's financial statements on March 29, 1999 and again on April 29, 1999, during the Class Period. The complaint alleges that defendants issued a series of false and misleading statements concerning the Company's revenues during the Class Period. The Company announced on May 21, 1999 that it would have to restate its 1997 and 1998 financial statements.

Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firms of Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com), New York, New York, and the Law Offices Of Charles J. Piven, P.A. (pivenlaw@erols.com), Baltimore, Maryland. The Wolf Haldenstein firm has a full service commercial practice consisting of more than 40 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. The firm has achieved recoveries of over one billion dollars on behalf of investors and shareholders.

If you purchased Carnegie securities during the Class Period, you have until August 13, 1999 to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575- 0735 (Michael Miske, Gregory Nespole, Esq., Fred Taylor Isquith, Esq. or Shane T. Rowley, Esq.), via e-mail at classmember@whafh.com or whafh@aol.com or visit our website at www.whafh.com

All e-mail correspondence should make reference to Carnegie.