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Enron Mail |
FYI
=20 Milberg Weiss Announces Class Action Suit Against Enron Corp. NEW YORK, Oct 22, 2001 (BUSINESS WIRE) -- The law firm of Milberg Weiss Ber= shad Hynes & Lerach LLP announces that a class action lawsuit was filed on = October 22, 2001, on behalf of purchasers of the common stock of Enron Corp= . ("Enron" or the "Company") (NYSE: ENE) between January 18, 2000 and Octob= er 17, 2001, inclusive. A copy of the complaint filed in this action is ava= ilable from the Court, or can be viewed on Milberg Weiss' website at: http:= //www.milberg.com/enron/=20 The action, numbered H013630, is pending in the United States District Cour= t for the Southern District of Texas, Houston Division, located at 515 Rusk= Street, Houston TX 77002, against defendants Enron, Kenneth Lay, Jeffrey K= . Skilling and Andrew Fastow. The Honorable Melinda Harmon is the Judge pre= siding over the case.=20 The Complaint alleges that defendants violated Sections 10(b) and 20(a) of = the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder,= by issuing a series of material misrepresentations to the market between J= anuary 18, 2000 and October 17, 2001, thereby artificially inflating the pr= ice of Enron common stock. Specifically, the complaint alleges that Enron i= ssued a series of statements concerning its business, financial results and= operations which failed to disclose (i) that the Company's Broadband Servi= ces Division was experiencing declining demand for bandwidth and the Compan= y's efforts to create a trading market for bandwidth were not meeting with = success as many of the market participants were not creditworthy; (ii) that= the Company's operating results were materially overstated as result of th= e Company failing to timely write-down the value of its investments with ce= rtain limited partnerships which were managed by the Company's chief financ= ial officer; and (iii) that Enron was failing to write-down impaired assets= on a timely basis in accordance with GAAP. On October 16, 2001, Enron surp= rised the market by announcing that the Company was taking non-recurring ch= arges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the= third quarter of 2001, the period ending September 30, 2001. Subsequently,= Enron revealed that a material portion of the charge related to the unwind= ing of investments with certain limited partnerships which were controlled = by Enron's chief financial officer and that the Company would be eliminatin= g more than $1 billion in shareholder equity as a result of its unwinding o= f the investments. As this news began to be assimilated by the market, the = price of Enron common stock dropped significantly. During the Class Period,= Enron insiders disposed of over $73 million of their personally-held Enron= common stock to unsuspecting investors.=20 If you bought the common stock of Enron between January 18, 2000 and Octobe= r 17, 2001, you may, no later than December 21, 2001, request that the Cour= t appoint you as lead plaintiff. A lead plaintiff is a representative party= that acts on behalf of other class members in directing the litigation. In= order to be appointed lead plaintiff, the Court must determine that the cl= ass member's claim is typical of the claims of other class members, and tha= t the class member will adequately represent the class. Under certain circu= mstances, one or more class members may together serve as "lead plaintiff."= Your ability to share in any recovery is not, however, affected by the dec= ision whether or not to serve as a lead plaintiff. You may retain Milberg W= eiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve = as your counsel in this action.=20 Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in= New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle = and Philadelphia, is active in major litigations pending in federal and sta= te courts throughout the United States. Milberg Weiss has taken a leading r= ole in many important actions on behalf of defrauded investors, consumers, = and companies, as well as victims of World War II and other human rights vi= olations, and has been responsible for more than $30 billion in aggregate r= ecoveries. The Milberg Weiss Web site (http://www.milberg.com) has more inf= ormation about the firm.=20 If you wish to discuss this action with us, or have any questions concernin= g this notice or your rights and interests with regard to the case, please = contact the following attorneys:=20 Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New= York, NY, 10119-0165=20 Phone number: (800) 320-5081 Email: Enroncase@milbergNY.com Website: http:/= /www.milberg.com=20 William S. Lerach or Darren J. Robbins 600 West Broadway1800 One America Pl= azaSan Diego, CA 92101-3356 Phone number: (800) 449-4900=20
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