NEW YORK, Feb. 6, 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 Western District of Pennsylvania on behalf of all purchasers of PNC Financial Services Group, Inc. (NYSE:PNC) during the period from July 19, 2001 and January 29, 2002 (the "Class Period").
A copy of the complaint can be viewed on Kirby McInerney & Squire's Website at www.kmslaw.com. You can also contact the firm by phone at (888) 529-4787 or by email at obraun@kmslaw.com.
The complaint charges PNC and certain officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The violations, as the complaint alleges, stem from the issuance of false and misleading financial statements and financial results during the class period. The issuance of such results, the complaint alleges, had the effect of artificially-inflating the price of PNC's shares during the class period, thereby damaging investors who purchased during this period.
On January 29, 2002, PNC announced that it would restate its second and third quarter financial results, and revise its recently-announced fourth quarter results, in order to correct -- at the request of the Federal Reserve -- certain accounting procedures PNC had used in connection with off-balance sheet transactions. The Federal Reserve concluded that PNC's use of such accounting mechanisms had improperly presented to the investing public PNC's true financial results. PNC's ensuing restatement and revision resulted, in toto, in the disappearance of $155 million in previously-announced 2001 earnings. Net income for 2001, after the restatement and revision, is estimated to be $412 million, or $1.38 a share (as compared with PNC's previous report of2001 earnings of $567 million, or $1.91 a diluted share). When this restatement was disclosed, PNC shares fell $5.79, or nearly 10%, to close at $56.08 per share.
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 2, 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. Mark Strauss, 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