SAN DIEGO, Sept. 11, 2002 (PRIMEZONE) -- The law firm of Robbins Umeda & Fink, LLP announces that a lawsuit was filed on behalf of the former shareholders of Time Warner, Inc. ("Time Warner") who received shares of AOL Time Warner, Inc. (NYSE:AOL), pursuant to the merger of Time Warner with and into AOL Time Warner, on or about January 11, 2001, (the "Merger"). Defendants named in this action are the former officers and directors of America Online, Inc. ("AOL" and together with Time Warner, the "Company"), many of whom are now officers and directors of AOL Time.
The Complaint alleges that defendants breached their fiduciary duties by issuing a series of material misrepresentations and misleading statements relating to AOL's financial condition and business prospects prior to and at the time of the Merger which were made to induce Time Warner shareholders to vote in favor of the combination. Prior to the effective date of the Merger, defendants were well aware that any admission by AOL that its ad revenues were being adversely affected by the financial crisis of its dot-com customers would jeopardize the pending Merger. Thus, rather than admit that the failure of its dot-com customers was already having a material adverse affect on AOL's ad revenues, prior to the Merger, AOL sought to create the illusion that it was maintaining its high rate of growth in advertising and commerce revenue, by engaging in a series of unconventional and fiscally suspect deals in late-2000 and early 2001, the purpose of which were to artificially boost revenues and earnings.
If you held Time Warner securities prior to the Merger and received AOL Time Warner stock pursuant to the January 11, 2001 Merger, you may, wish to contact Robbins Umeda & Fink, LLP to discuss your rights in relation to this lawsuit. Robbins Umeda & Fink, LLP has significant experience in prosecuting complex actions on behalf of investors. If you wish to discuss this action, please call or e-mail us at:
ROBBINS UMEDA & FINK, LLP Jeffrey P. Fink, Esq. 1010 Second Ave., Suite 2360 San Diego, CA 92101 Toll Free: 1-800-350-6003 E-mail: fink@ruflaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.