NEW YORK, June 13, 2002 (PRIMEZONE) -- Wolf Popper LLP has charged Omnicom Group Inc. ("Omnicom") (NYSE:OMC) and certain of its senior officers with violations of the federal securities laws, in a class action lawsuit brought in the United States District Court for the Southern District of New York. The lawsuit is on behalf of all persons who purchased Omnicom common stock on the open market during the period April 25, 2000 through June 11, 2002, inclusive (the "Class Period").
The complaint alleges that defendants materially misrepresented Omnicom's financial results through improper accounting methods in connection with certain acquisitions. More specifically, plaintiff alleges that Omnicom fraudulently and misleadingly: (i) reported growth in "organic" revenue that included revenue generated by newly acquired companies; and (ii) failed to disclose Omnicom's future obligations relating to its prior acquisitions. The complaint further alleges that Omnicom transferred its minority investments in various internet companies to a newly formed entity (Seneca), enabling it to avoid writing down the value of its investments in those companies, and that Omnicom failed to disclose its contingent obligations to make additional investments in certain partially acquired companies.
The plaintiff is represented in the filed action by Wolf Popper LLP. Wolf Popper has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than August 12, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff in this action, you may call or write:
Wolf Popper LLP, Robert C. Finkel, Esq., 845 Third Avenue, New York, NY 10022-6662
Tel.: 212.451.9620, Toll Free: 877.370.7703; Fax: 212.486.2093, Toll Free: 877.370.7704
Email: irrep@wolfpopper.com; website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca