NEW YORK, April 3, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was filed on April 2, 2002 in the United States District Court for the Eastern District of Pennsylvania on behalf of all purchasers of the securities of Adelphia Communications Corporation ("Adelphia" or the "Company") (Nasdaq:ADLAC) between April 2, 2001 and April 1, 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 false and misleading press releases concerning Adelphia's financial condition and business prospects. The complaint alleges, throughout the Class Period, that Adelphia failed to disclose billions of dollars of off-balance sheet debt. As a result, the prices of the Company's securities were artificially inflated throughout the Class Period. On March 27, 2002, however, Adelphia shocked the market when the Company revealed during a conference call that it had $2.3 billion of off-balance sheet debt. Moreover, it was further disclosed that Adelphia guaranteed credit facilities for a closely-held partnership named Highland Holdings, which is controlled by Adelphia's controlling shareholder, the Rigas Family, and which used the money, in substantial part, to purchase securities from Adelphia. Adelphia also revealed that it may be liable for $500 million in bank loans secured by Adelphia Business. In response to this announcement, over the next several trading days, the prices of Adelphia securities dropped precipitously. The price of Adelphia common stock dropped from $ 20.39 per share on March 26, 2002, to $ 13.12 per share on April 1, 2002. The price of Adelphia debt securities also materially declined.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Adelphia securities between April 2, 2001 and April 1, 2002, excluding defendants and their affiliates. Plaintiff is represented by c, 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 Class Action" section of our website at www.faruqilaw.com
If you purchased Adelphia securities during the Class Period, you may, not later than June 3, 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