PHILADELPHIA, Jan. 17, 2001 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. (http://www.investorprotect.com), filed a class action today in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased Turkcell Iletism Hizmetler (Nasdaq:TKC) American Depository Shares ("ADSs") during the period from July 10, 2000 through September 21, 2000, inclusive.
The complaint charges Turkcell, its highest officers, and the Underwriters of its Initial Public Offering with violations of Sections 11, 12 and 15 of the Securities Act of l933. The complaint alleges that Defendants made a series of materially false and misleading statements in its Initial Public Offering Registration Statement
Turkcell is in the business of providing mobile telephone service in Turkey and central Asia. The misrepresentations concerned the churn rate for Turkcell's mobile telephone customers. The Prospectus boasted that Turkcell's churn rate for percentage of customers who left the service was 0.1% in 1999 and 0.3% in the first quarter of 2000, which it asserted was substantially lower than the rate of European providers. At the close of the Class Period, the Company disclosed that at least 200,000 disconnected customers had been excluded from the calculation of the churn rate, so that the actual rate was orders of magnitude higher.
As a result, Turkcell's ADS price was artificially inflated throughout the Class Period.
If you purchased Turkcell's ADSs during the period from July 10, 2000 through September 21, 2000, inclusive, you may, no later than February 2, 2001, move to be appointed 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 class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery, is not, however, affected by the decision whether or not to serve as a lead plaintiff.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid; Sotheby's; Waste Management, Inc.; Sunbeam; Boston Chicken; and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class
interests."
In Re: IKON Offices Solutions Securities Litigation,
Civil Action No. 98-4286 (E.D.Pa.) (partial settlement
for $111 million approved May, 2000).
"...[Y]ou have acted the way lawyers at their best ought to act.
And I have had a lot of cases ... in 15 years now as a judge and
I cannot recall a significant case where I felt people were
better represented than they are here... . I would say this has
been the best representation that I have seen."
In Re: Waste Management, Inc. Securities Litigation,
Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999
for $220 million).
If you purchased Turkcell ADS's, or have any questions concerning this notice or your rights with respect to this matter, you may contact:
Sherrie R. Savett, Esquire
Arthur Stock, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.investorprotect.com
e-mail: InvestorProtect@bm.net