NEW YORK, Sept. 19, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action suit against Xcel Energy, Inc. ("Xcel" or the "Company") (NYSE:XEL) and certain of its officers and directors, in the United States District Court for the District of Minnesota. This suit is brought on behalf of all persons and entities who purchased or otherwise acquired Xcel securities between January 31, 2001 and July 26, 2002, inclusive (the "Class Period").
The complaint alleges that Xcel and certain of its officers and directors violated the federal securities laws by issuing a series of materially false and misleading statements regarding Xcel's financial performance and the financial performance of NRG, the Company's majority-owned subsidiary. The complaint further alleges that during the Class Period defendants failed to disclose that Xcel Participated in so called "round-trip" transactions which lacked economic substance, had the effect of artificially inflating Xcel's reported financial results, and also exposed Xcel to massive legal liability.
As a result of defendants' failure to disclose Xcel's improper "round-trip" transactions, Xcel's stock price was artificially inflated during the Class Period, trading as high as $31.00. On July 29, 2002, Xcel stock fell to $5.66 on trading of more than 17 million shares.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than September 30, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Joel B Strauss, Esq. Donald R. Hall, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca