LITTLE ROCK, Ark., June 14, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of U.S. Aggregates, Inc. ("U.S. Aggregates" or the "Company") (NYSE:AGA) publicly traded securities during the period between April 25, 2000, and April 2, 2001, inclusive (the "Class Period"), and who suffered damages thereby. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr.us_aggregates.pdf.
The complaint charges U.S. Aggregates and certain of its officers and directors with violations of the Securities Exchange Act of 1934. U.S. Aggregates is a producer of aggregates, which consist of crushed stone, sand and gravel, and constitute a basic construction material. Approximately two-thirds of the Company's products are used for the construction and maintenance of highways and other infrastructure projects.
On April 3, 2001, U.S. Aggregates issued a press release titled, "U.S. Aggregates, Inc. Reports Preliminary Fourth Quarter and Full Year 2000 Results; Restates Earnings for First Three Quarters of 2000; Reaches Interim Agreement With Senior Secured Lenders; Delays Filing Form 10-K for 2000; Sells Certain Construction Materials Operations in Utah," which stated in part, "The Company will restate its earnings for the first three quarters of 2000. For the first quarter, the Company will restate its net loss of $2.6 million, or $0.17 per diluted share, to a net loss of $5.1 million, or $0.34 per diluted share. For the second quarter, the Company will restate its net income of $6.8 million, or $0.45 per diluted share, to net income of $3.1 million, or $0.20 per diluted share. For the third quarter, the Company will restate its net income of $5.5 million, or $0.36 per diluted share, to net income of $1.7 million, or $0.11 per diluted share. The restatement relates primarily to the reclassification of certain capitalized items to operating expenses, the recognition of certain additional operating expenses, and the establishment of a reserve for self-insurance claims."
On this news, U.S. Aggregates shares dropped to $4.30, or more than 79% lower than the Class Period high of $20-1/4.
If you bought the publicly traded securities of U.S. Aggregates between April 25, 2000, and April 2, 2001, inclusive, you may, no later than June 30, 2001, request that the Court 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 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. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Sue Null or Charlie Gastineau P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.