LOS ANGELES, Aug. 13, 2002 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons who acquired the common stock of America Online, Inc. ("AOL") (NYSE:AOL) between July 19, 1999 and January 10, 2001 inclusive, and all persons who acquired the common stock of AOL Time Warner, Inc. ("AOL Time Warner" or the "Company") between January 11, 2001 and July 17, 2002, inclusive (the "Class").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at info@glancylaw.com.
The Complaint charges AOL Time Warner and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that during the class period, AOL (and later AOL Time Warner) made material misrepresentations and/or omissions, including: (i) affirmatively misstating AOL and AOL Time Warner's revenue from online advertising sales by including in such revenues sums received as one-time payments in connection with the termination of contracts for online advertising; (ii) artificially inflating AOL's online advertising revenue for first quarter fiscal 2001 by including in such revenues $16.4 million in online advertising that AOL required an enterprise called 24dogs.com to purchase in order to settle a legal dispute; and (iii) artificially inflating AOL Time Warner's revenue from online advertising sales by including in such revenues sums that AOL Time Warner received in connection with selling online advertising for online auction site eBay. The complaint further alleges that defendant Ernst & Young, LLP ("Ernst & Young") violated the federal securities laws by certifying AOL Time Warner's financial statements as incorporated in AOL Time Warner's Annual Report for its fiscal year 2001 even though Ernst & Young knew (or recklessly failed to discover) that AOL Time Warner had counted in revenue sums received in connection with selling online advertising for online auction site eBay. When The Washington Post revealed the foregoing on July 18, 2002, AOL Time Warner stock dropped to as low as $11.75, down from its Class Period high of $58.51, inflicting damages on investors.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 16, 2002, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca