BALA CYNWYD, Pa., June 4, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: A securities class action lawsuit pending in the U.S. District Court for the Southern District of Texas (H-02-16) claims that Dynegy, Inc. ("Dynegy" or the "Company") (NYSE:DYN) misled shareholders about its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (and/or the Securities Act of 1933) on behalf of all investors who bought Dynegy, Inc. securities between April 17, 2001 through April 25, 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 Dynegy, Inc. 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 Texas-based Dynegy, Inc. (a) made false and misleading public disclosures regarding its cash flows from operations, and (b) failed to disclose information material to investors, including the details of its "Project Alpha," a transaction involving two special purpose entities and a partnership Dynegy created for the purposes of increasing cash flow from operations and decreasing tax costs. As a result of Defendants' misleading statements and omissions during the Class Period, the price of Dynegy common stock traded at artificially inflated prices.
If you purchased Dynegy, Inc. securities between April 17, 2001 through April 25, 2002, you may be a member of the class and have until June 25, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca