NEW YORK, July 24, 2002 (PRIMEZONE) -- On June 25, 2002, Wolf Popper LLP announced the commencement of a class action lawsuit against Mirant Corporation ("Mirant" or the "Company") (NYSE:MIR) and certain of its senior officers and directors, who had been charged with violations of the federal securities laws (the "Complaint"). The lawsuit was brought on behalf of all persons who purchased or otherwise acquired Mirant common stock from January 19, 2001 through May 6, 2002, inclusive (the "Class Period"). Persons who purchased Mirant stock during the Class Period have until next Monday, July 29, 2002, to make a motion seeking to be appointed lead plaintiff.
The allegations in the Complaint against Mirant stem largely from the defendants' improper manipulation of the deregulated California energy markets. These alleged manipulations have resulted in several lawsuits and investigations by the State of California and the Federal Energy Regulatory Commission. The Complaint alleges that defendants recorded revenue and profit that were earned as a result of unlawful trading and manipulations, and that accordingly such monies should not have been included in the financial results reported by Mirant.
Wolf Popper LLP 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. For more information about Wolf Popper please visit the firm's website at: www.wolfpopper.com.
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 July 29, 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, you may call or write:
James A. Harrod, Esq. Telephone: 212.451.9642 Abigail Kowaloff, Investor Relations Toll Free: 877.370.7703 WOLF POPPER LLP 845 Third Avenue New York, NY 10022-6689 212.759.4600 Facsimile: 212.486.2093 or 877.370.7704 E-Mail: IRRep@wolfpopper.com Website: http://www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca