NEW YORK, Aug. 21, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) filed a class action lawsuit against Aon Corporation ("Aon" or the "Company") (NYSE:AOC) and two of the Company's senior officers on behalf of investors who purchased or otherwise acquired the securities of Aon during the period from May 4, 1999 through August 6, 2002, inclusive (the "Class Period").
The lawsuit, filed in the United States District Court for the Northern District of Illinois (Eastern Division) under index number 02 C 5921, charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements and press releases concerning the Company's publicly reported earnings, thereby artificially inflating the market price of Aon securities during the Class Period.
The Complaint alleges that throughout the class period, defendants issued numerous statements and filed reports with the Securities & Exchange Commission which described the Company's earnings and financial performance. It is alleged that these statements were materially false and misleading because defendants knew or should have known that Aon's reported earnings were overstated as a result of the Company's failure to timely write down the value of its investments when they became other than temporarily impaired. The amounts that should have been charged-off in prior periods would have reduced reported net income as follows: $17 million in 1999; $15 million in 2000; and $3 million in the first quarter of 2002.
Before the market opened on August 7, 2002, Aon announced disappointing results for the second quarter ended June 30, 2002 due in large part to a charge of $56 million, or $0.13 per share, to write-down investments that should have been adjusted in prior years. Following the revelations, Aon common stock plunged $6.43, or 30%, to close at $14.77 on volume in excess of 20 million shares.
If you purchased the securities of Aon during the Class Period, you have until October 7, 2002 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca