BALA CYNWYD, Pa., April 5, 2002 (PRIMEZONE) -- Shareholders of JP Morgan Chase & Co. ("JPM" or the "Company") (NYSE:JPM) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (02-CV-2336) must submit an application with the Court by April 16, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased JP Morgan Chase & Co. securities between March 22, 2001 and February 1, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of JP Morgan Chase & Co. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the New York-based JP Morgan Chase & Co. misrepresented its risk and loss exposure related to its well-established practice of making commodities loan from transactions, derivative loan transactions and other related financing transactions. Specifically, the Company misrepresented its risk and loss exposure related to its Enron Corporation dealings as being approximately $900 million. However, JPM later admitted that, in fact, its total Enron related exposure was actually about $2.6 billion, or almost three times the earlier figure. Shortly thereafter, JPM wrote down $1.13 billion in nonperforming assets, specifically losses related to Enron.
If you purchased JP Morgan Chase & Co. securities between March 22, 2001 and February 1, 2002, you may be a member of the class and have until April 16, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.