NEW YORK, Feb. 5, 2002 (PRIMEZONE) -- Please take notice that the law firm of Kirby McInerney & Squire, LLP has commenced a class action lawsuit in the United States District Court for the Northern District of Oklahoma on behalf of all purchasers of Williams Companies, Inc. (NYSE:WMB) stock and all purchasers of Williams Communications Group, Inc. (NYSE:WCG) during the period from July 24, 2000 and January 29, 2002 (the "Class Period").
A copy of the complaint is available from the Court or from Kirby McInerney & Squire. Please visit our Website at www.kmslaw.com, which offers summary and detailed information concerning the case, or contact us by phone at (888) 529-4787 or by email at obraun@kmslaw.com.
The action charges Williams Companies, Inc. ("WMB"), Williams Communications Group, Inc. ("WCG"), the chief executive officers of both WMB and WCG, and the chief financial officer of WCG (collectively, "defendants"), with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. These violations, the complaint alleges, stem from a series of material misrepresentations which: (i) were made by defendants to the market between July 24, 2000 and January 29, 2002; and which (ii) misled investors and the market and acted to artificially inflate the price of WMB and WCG common stock during the class period.
In general, the complaint alleges in detailed fashion that defendants, in their public statements and through certain accounting mechanisms, mis-portrayed: (i) the reasoning behind, the effects of, and the accounting mechanisms involved in the spin-off of WCG from WMB; (ii) the precarious financial state of WCG; and (iii) WMB's multi-billion dollar liability for WCG's debt obligations. On January 29, 2002, investors became suddenly and more fully aware of WMB's potential liability when WMB, rather than announcing its earnings for 2001, delayed the release of its 2001 earnings "pending an internal assessment of William's contingent obligations to Williams Communications." The market responded to this surprise by devaluing the (artificially-inflated) price of WMB common stock, which fell from approximately $24 per share to as low as $18.70 per share. The stock of WCG, whose problems were now precipitating those of WMB, had already declined substantially throughout the class period. The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased Williams Companies or Williams Communications Group shares during the class period, excluding defendants and their affiliates.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities class actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's Website at www.kmslaw.com.
If you are a member of the class described above, you may, no later than April 1, 2002, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Ira M. Press, Esq. Orie Braun KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca