ATLANTA, June 1, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been commenced in the United States District Court for the Northern District of Georgia on behalf of purchasers of Mirant Corporation, ("Mirant" or the "Company") (NYSE:MIR) between January 19, 2001 and May 6, 2002, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between January 19, 2001 and May 6, 2002. As alleged in the complaint, Mirant reaped illegal profits in California by artificially manipulating energy prices through a variety of improper tactics. The complaint alleges that Mirant's fraudulent practices have resulted in investigations by both the Attorney General of the State of California, and the Federal Energy Regulatory Commission, as well as a number of lawsuits filed by California, and consumers. The complaint further alleges that during the Class Period, while Mirant announced quarter-after-quarter of outstanding growth, and assured investors that problems in the California market had been properly accounted for, Mirant, in fact, failed to: (a) provide for the return of illegally obtained revenue, through a charge to earnings; (b) provide for professional fees associated with the investigations arising from the fraud through a charge to earnings; and (c) disclose the fact that the illegally obtained revenue was subject to forfeiture and that investigations surrounding the illegally obtained revenue would result in the expenditure of material amounts for legal and professional fees. As a result, alleges the complaint, defendants' Class Period financial statements were materially overstated, and failed to comply with Generally Accepted Accounting Principles ("GAAP").
If you bought the securities of Mirant between January 19, 2001 and May 6, 2002, you may, no later than July 29, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, GA, but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.