NEW YORK, May 13, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02 Civ. 03426, on behalf of all persons or entities who purchased Stillwater Mining Company ("Stillwater" or the "Company") common stock (NYSE:SWC) between April 20, 2001and April 1, 2002, both dates inclusive (the "Class Period"). Stillwater, Francis R. McAllister, James A. Sabala, and Harry C. Smith are named as defendants in the action.
The Complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements during the Class Period concerning purported "probable reserves." In particular, it is alleged that during the Class Period "mineralized material" was improperly classified as "probable reserves" thereby enabling defendants to improperly manipulate net income as the Company's depreciation expense for plant and equipment depended on the life of these purported reserves. In addition, defendants failed to disclose that the SEC had advised Stillwater by mid-December 2001/early January 2002 that its methodology for the calculation of probable ore reserves was improper and would have to be changed. The Complaint alleges that as a result of these false and misleading statements the price of Stillwater 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 LLP at www.rabinlaw.com.
If you purchased Stillwater common stock during the Class Period described above, you may, no later than June 10, 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