UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

             Litigation Release No. 16117 / April 21, 1999

             SECURITIES AND EXCHANGE COMMISSION v. GARY D. HOKE, JR.,
             Civ. No.
             99-04262 (LGB) (Ex)

                  The Securities and Exchange Commission (“Commission„)
             today filed a complaint in federal district court in Los
             Angeles, California, against Gary D. Hoke, Jr. (“Hoke„) of
             Raleigh, North Carolina.  According to the allegations in
             the Commission’s complaint:

             *  Hoke disseminated to the investing public fraudulent
                statements concerning PairGain Technologies, Inc.
                (“PairGain„), a public company whose shares are traded on
                the National Association of Securities Dealers Automatic
                Quotation System.  Specifically, on the morning of April
                7, 1999, Hoke, under an assumed name, posted a message on
                a World Wide Web page that falsely reported that PairGain
                was being bought by an Israeli company.

             *  That posting provided a direct internet link to another
                World Wide Web page, which appeared to be a Bloomberg
                News Service page containing an announcement of the
                acquisition. This web page was not an authentic Bloomberg
                page, but was, in fact, a fake page that Hoke himself
                created and posted.

             *  The publication of this false Bloomberg report created
                significant trading activity in PairGain securities and
                caused the market price of PairGain securities to
                increase substantially.  After the report was exposed as
                a hoax, the price of PairGain securities declined
                precipitously.

                  The Commission’s complaint charges that Hoke’s actions
                constituted the manipulation of the price of publicly
                traded securities in violation of Section 10(b) of the
                Securities Exchange Act of 1934 and Rule 10b-5
                thereunder.  The Commission seeks permanent injunctive
                relief and a civil money penalty from Hoke.

             The Commission’s Division of Enforcement acknowledges the
                assistance of the Office of the United States Attorney
                for the Central District of California and the Federal
                Bureau of Investigation.