NEW YORK, July 22, 2002 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP.
You are hereby notified that a class action has been filed in the United States District Court, Eastern District of Virginia, Alexandria Division on behalf of those who purchased Capital One Financial Corp. (NYSE:COF) ("CapOne" or the "Company") common stock during the period from March 29, 2001 through July 16, 2002 (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interest, please contact plaintiff's counsel, Lee Squitieri or Stephen J. Fearon, Jr. of Squitieri & Fearon, LLP at (800) 432-8174 or (646) 487-3049 or by e-mail at Stephen@sfclasslaw.com.
The caption of the case is Lisa Yanofsky v. Capital One Financial Corp., Richard D. Fairbank, Nigel W. Morris, David M. Willey and Dennis Liberson, Civil Action No. 02-1074-A. The case was filed in the federal courthouse at 401 Courthouse Square, Alexandria, VA.
The Complaint charges CapOne and certain of its officers and directors with violating the federal securities laws. Those officers and directors are: Richard D. Fairbank (the Company's Chairman and Chief Executive Officer); Nigel W. Morris (the Company's President and Chief Operating Officer); David M. Willey (the Company's Executive Vice President and Chief Financial Officer); and Dennis Liberson (the Company's Vice President).
The lawsuit claims that CapOne and the officers who are named in the Complaint made a series of false and misleading statements and omissions of material fact regarding the percentage of sub-prime loans in the CapOne loan portfolio and about the adequacy of the Company's allowances and reserves as well as the quality and capabilities of its internal controls.
Plaintiff seeks to recover damages on behalf of all those who purchased CapOne's common stock during the Class Period. Excluded from the Class are the defendants and members of their immediate families, any entity in which a defendant has a controlling interest and the heirs, successors and assigns of any defendant.
Plaintiff is represented by the law firm of Squitieri & Fearon, LLP which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders.
If you are a member of the Class described above, you may, not later than September 17, 2002, move the court to serve as lead plaintiff of the Class, if you so choose.
If you wish to discuss this action or have any questions concerning this notice or your rights or interest, please contact plaintiff's counsel, Lee Squitieri or Stephen J. Fearon, Jr. of Squitieri & Fearon, LLP at (800) 432-8174 or (646) 487-3049 or by e-mail at Stephen@sfclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.