NEW YORK, June 5, 2002 (PRIMEZONE) -- Plaintiffs represented by Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") commenced a class action lawsuit in the United States District Court for the District of Georgia. The lawsuit is brought on behalf of all shareholders of Mirant Corporation ("Mirant" or the "Company") (NYSE:MIR) who purchased stock between January 19, 2001 and May 6, 2002 (the "Class Period"), inclusive, for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The Complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder, by issuing financial statements which included revenue and earnings which were materially inflated because defendants failed to disclose that Mirant had failed to establish reserves to provide for the return of revenue illegally obtained as a result of its fraudulent activity in the California energy market, as well as possible state and federal fines in connection with those fraudulent activities.
Plaintiff seeks to recover damages on behalf of class members. If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than July 29, 2002 move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 77z-1).
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whhf.com) contains further information regarding the firm and its involvement in pending and past actions.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights concerning this case, please contact the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Phone: 877-935-7400 (Toll Free) Contact David Leifer, Shareholder Relations Department: dleifer@whhf.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca