LITTLE ROCK, Ark., March 8, 2005 (PRIMEZONE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Houston, Little Rock, and Seattle, announced today that it has learned of possible violations of the Employee Retirement Income Security Act of 1974 ("ERISA") concerning Delphi Corp. ("Delphi" or the "Company") (NYSE:DPH). These alleged violations relate to investments in Company stock by the Delphi Savings-Stock Purchase Program for Salaried Employees, the Delphi Personal Savings Plan for Hourly-Rate Employees, the Delphi Mechatronic Systems Savings-Stock Purchase Program, the ASEC Manufacturing Savings Plan, and the Income Security Plan for Hourly-Rate Employees (the "Plans") from January 1, 1999, through the present (the "Class Period")
Emerson Poynter's focus relates to concerns that Delphi Corp. and other fiduciaries for the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by, among other things, continuing to offer their own Company stock as a Plan investment option and investing and holding employee and matching contributions in the stock at a time when they knew or should have known that the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries failed to disclose complete and accurate information to employees regarding the Company's business and financial results and operations, such that they could make informed decisions regarding investment in Delphi stock.
Emerson Poynter has substantial experience representing Plan Participants in retirement plan lawsuits and investors in shareholder lawsuits. The firm represents investors and retirement Plan Participants throughout the nation in such actions as Pfizer, Aon, Enron, The Hartford Group, Reliant Energy, Goodyear, Cardinal Healthcare, ADC Telecommunications, and Winn-Dixie. The firm has offices in Houston, Little Rock, and Seattle, but represents investors and retirement Plan Participants throughout the nation.
If you are a member of one of the Delphi-sponsored 401(k) Plans and purchased or held stock through one of the aforementioned Delphi Plans and are concerned about your legal rights and your investments in the Plans, please contact us by calling toll-free at 1-800-663-9817 or via e-mail at epllp@emersonpoynter.com.