PHILADELPHIA, Sept. 9, 2002 (PRIMEZONE) -- On July 19, 2002, the law firm of Berger & Montague, P.C. (http://www.bergermontague.com) filed a class action suit against AOL Time Warner Inc. ("AOL") (NYSE:AOL) and certain of its principal officers in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased AOL securities between October 18, 2000 and July 17, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities and Exchange Act of l934. More specifically, the Complaint alleges that defendants issued materially false and misleading statements about its advertising revenues since the third quarter 2000 through the end of the Class Period. The Complaint further alleges that certain company insiders sold tens of thousands of shares of AOL stock at huge profits while in possession of material adverse non-public information concerning AOL's revenues. On July 17, 2002, the market was shocked by the news that AOL had improperly boosted its advertising revenues by $270 million during the period stated above by engaging in a series of unconventional transactions.
If you purchased AOL securities during the period from October 18, 2000 through July 17, 2002, inclusive, you may, no later than September 16, 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 AOL 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 AOL securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Todd S. Collins, Esquire
Michael T. Fantini, 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