NEW YORK, Nov. 30, 2001 (PRIMEZONE) -- The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") filed a class action complaint on November 2, 2001 against DQE, Inc. (NYSE:DQE) ("DQE" or the "Company") from December 6, 2000 through April 30, 2001, inclusive (the "Class Period").
The complaint charges DQE and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges DQE issued positive statements concerning the significant and positive impact that DQE Enterprises, Inc. ("DQE Enterprises"), the Company's investment subsidiary, was having, and would continue to have, on DQE's financial results.
During this time, the market for initial public offerings had dramatically slowed down. Accordingly, the ability of the companies in DQE Enterprises' investment portfolio to go public was substantially impaired. Defendants, however, issued a stream of positive statements concerning the Company's operations and prospects, but failed to disclose the impaired nature of DQE Enterprises' investments and that, the Company would not realize the investment gains that defendants had caused the market to expect. As a result, defendants' estimates, projections and opinions as to the Company's operations, products, earnings and income were knowingly lacking in a reasonable basis at all relevant times. This information finally became publicly known on April 30, 2001, when DQE reported its earnings for the first quarter of 2001 and revised its earnings outlook for the full-year, based in part, on the weakened outlook for DQE Enterprises. In response to this negative announcement, when trading resumed on May 1, 2001, the price of DQE common stock dropped from $30.43 per share to $23.75 per share on extremely heavy trading volume. Plaintiffs seek to recover damages on their own behalf and on behalf of all purchasers of Network Associates common stock within the Class Period. Plaintiffs are represented in this class action by Wechsler Harwood which, has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The firm's reputation and expertise in shareholder and other class actions have repeatedly been recognized by the courts.
If you are a member of the class described above, you may, not later than December 5, 2001, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Craig Lowther Wechsler Harwood Halebian & Feffer LLP Shareholder Relations Department 488 Madison Avenue, 8th Floor New York, New York, 10022 Phone: 212-935-7400 Toll Free:877-935-7400 Email: clowther@whhf.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca