NEW YORK--(BUSINESS WIRE)--May 20, 1999--The following is an announcement by The Law Firm Of Abbey, Gardy & Squitieri, LLP; Attention: The Maxim Group Inc. (MXG) Investors YOU ARE HEREBY NOTIFIED that a Class Action has been commenced in the United States District Court for the Northern District of Georgia, on behalf of all purchasers of The Maxim Group Inc. (NYSE:MXG) common stock between August 31, 1998 and May 19, 1999 (the "Class Period"). The Complaint charges The Maxim Group and certain of its officers and directors with violations of the federal securities laws. Among other things, plaintiff claims that defendants issued a series of materially false and misleading statements regarding The Maxim Group's financial results for fiscal 1999 and for certain quarters therein. On May 19, 1999, The Maxim Group announced that it would "record certain adjustments" to previously reported results due to its improper recognition of revenue in prior quarters. As a result of these adjustments, The Maxim Group is revising downward its reported results of operations for the second, third and fourth quarter of fiscal 1999 and for the fiscal year ended January 31, 1999. Plaintiff seeks to recover damages on behalf of himself, other purchasers of The Maxim Group common stock and other individuals who acquired Maxim stock, either through the sale of their businesses or otherwise, during the Class Period. Plaintiff is represented by Abbey, Gardy & Squitieri, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. If you are a member of the class described above, you may, not later than 60 days from May 19, 1999, move the court to serve as a lead plaintiff of the class, if you so choose. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact: Mark C. Gardy, Esq. Karin E. Fisch, Esq. James S. Notis, Esq. Abbey, Gardy & Squitieri, LLP 212 East 39th Street New York, New York 10016 TELEPHONE: (800) 889-3701 or (212) 889-3700 E-MAIL: kfisch@a-g-s.com  