NEW YORK, Feb. 13, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Western District of Pennsylvania on behalf of all purchasers of PNC Financial Services Group, Inc. ("PNC" or the "Company") (NYSE:PNC) securities between July 19, 2001 through January 29, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's Website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning PNC's financial results and business prospects. Specifically, the complaint alleges that PNC overstated its net income as a result of PNC's failure to consolidate three subsidiaries of a third party financial institution in which it has preferred interests. It is further alleged that the Company was engaged in improper and/or suspect accounting practices which affected the accuracy of its financial results and that, contrary to the statements in documents filed with the SEC during the Class Period, PNC's financial statements issued during the Class Period were not prepared in accordance with GAAP. On January 29, 2002, however, PNC issued a press release announcing that the Federal Reserve Board had raised concerns about accounting inaccuracies in the Company's financial statements for the second, third, and fourth quarters of fiscal year 2001. As a result, the Company announced that it would restate its earnings for the second and third quarters of fiscal year 2001 and revise its fourth quarter earnings for the same year. Additionally, PNC stated that the Federal Reserve Board and SEC were making inquiries about PNC's transactions and that the Company would cooperate with the investigations.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired PNC securities between July 19, 2001 and January 29, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our Website at www.faruqilaw.com.
If you purchased PNC securities during the Class Period, you may, not later than April 2, 2002, 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, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozz@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca