NEW YORK, Aug. 23, 2002 (PRIMEZONE) -- Please take notice, pursuant to 15 U.S.C. Section 78u-4(a), that on August 15, 2002, the law firm of Kirby McInerney & Squire, LLP commenced a class action lawsuit in the United States District Court for the Central District of California on behalf of all purchasers of securities of the Walt Disney Co. (NYSE:DIS) during the period from August 15, 1997 through May 15, 2002. The action seeks to recover losses suffered by such investors.
The complaint asserts claims for violation of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder against the Walt Disney Company and certain senior executives, and asserts claims for violation of Section 20(a) against certain management executives.
The alleged violations, according to the complaint, stem from defendants' concealment of the existence, details, and potential effects of a pending lawsuit over merchandising rights for products bearing the likeness of Winnie the Pooh characters. The lawsuit seeks to recover losses suffered by investors during the period described above, excluding the defendants and their affiliates. For eleven years, Disney has been involved in a bitterly contested lawsuit with hundreds of millions of dollars at stake, but throughout they have never advised their stockholders of its existence. After Disney first disclosed the potential effects of the litigation on May 15, its stock price fell, reaching $13.77 on August 13, a decline of over 40%.
Plaintiffs are represented by Kirby McInerney & Squire, LLP, which specializes in complex litigation, including securities actions. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, representative actions in general or about the role of the lead plaintiff in a securities action can be obtained through Kirby McInerney & Squire's website at www.kmslaw.com.
If you invested during the period described above, you may, no later than October 15, 2002, move the Court to serve as lead plaintiff in the litigation, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, please contact:
Ira M. Press, Esq. Ian Washburn KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: obraun@kmslaw.com
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca