PHILADELPHIA, Aug. 2, 2002 (PRIMEZONE) -- On July 18, 2002 the law firm of Berger & Montague, P.C. (http://www.bergermontague.com) filed a class action suit in the United States District Court for the Northern District of Texas against Perot Systems Corp. ("Perot" or the "Company") (NYSE:PER) and some of its officers and directors on behalf of all persons that purchased the common stock between February 2, 1999 through June 7, 2002.
The complaint alleges that the Texas-based Perot Systems Corp. omitted to disclose crucial facts regarding risky business practices in which Perot Systems was engaged in order to try to obtain new consulting business and generate additional revenues. Specifically, the complaint alleges that Perot Systems had disclosed crucial proprietary information regarding the architecture of California's power grid that could be used to cause artificial congestion on the system to power trader Reliant, that Perot Systems faces substantial potential legal liability due to the possibility that its improper disclosures of proprietary information enabled power traders to exploit such weaknesses in California's power grid for their own profit, and that Perot Systems did not have in place sufficient management controls to prevent its personnel from using confidential information obtained in the course of its consulting work as a selling point in trying to obtain lucrative consulting business.
The complaint further alleges that when Wall Street learned of these practices after California State Sen. Joseph Dunn unearthed a Perot Systems sales presentation mapping out strategies to exploit weaknesses and loopholes in the California power grid, Perot Systems' stock tumbled 19% on June 5, 2002 and an additional 11.3% to close at $12.90 on June 6, 2002, down from its class period high of $85.75.
If you purchased Perot securities during the period from February 2, 1999 through June 7, 2002 inclusive, you may, no later than August 12,, 2002, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Perot securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class
interests." In Re: IKON Offices Solutions Securities Litigation.
Civil Action No. 98-4286(E.D.Pa.) (partial settlement for
$111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act.
And I have had a lot of cases...in 15 years now as a judge and I
cannot recall a significant case where I felt people were better
represented than they are here ... I would say this has been the
best representation that I have seen." In Re: Waste Management,
Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D.
Ill.) (settled in 1999 for $220 million).
If you purchased Perot securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esquire
Douglas Risen, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca