NEW YORK, May 2, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Eastern District of Pennsylvania, on behalf of all persons or entities who purchased Adelphia Communications Corporation ("Adelphia" or the "Company") common stock (Nasdaq:ADLAE) between March 30, 2000 and April 1, 2002, both dates inclusive (the "Class Period"). Adelphia, John F. Rigas, Timothy J. Rigas, James P. Rigas, Michael J. Rigas, James R. Brown, and Deloitte & Touche LLP are named as defendants in the action.
The Complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission by issuing a series of materially false and misleading statements and omissions of material fact concerning billions of dollars in undisclosed off-balance sheet debt. In particular, the complaint alleges that the Company failed to disclose billions of dollars in off-balance sheet debt arising from credit facilities for certain closely-held partnerships controlled by the Rigas Family, the controlling shareholder of the Company, co-guaranteed by the Company. The Complaint alleges that as a result of these false and misleading statements and omissions of material fact the price of Adelphia common stock was artificially inflated throughout the Class Period causing plaintiffs and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased Adelphia common stock during the Class Period described above, you may, no later than June 3, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca