NEW YORK, Sept. 19, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action suit against Household International, Inc. ("Household International" or the "Company") (NYSE:HI), certain of its officers and directors, and Arthur Andersen, LLP, in the United States District Court for the Northern District of Illinois. This suit is brought on behalf of all persons and entities who purchased or otherwise acquired Household International securities between October 23, 1997 and August 14, 2002, inclusive (the "Class Period").
The complaint alleges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements regarding the Company's business, operations and future prospects.
The Class Period begins on October 23, 1997 the date on which Household International announced its third-quarter 1997 results. The Class Period ends on August 14, 2002, the day Household International announced it would restate its prior eight years financials, because it had overstated its net income by $386 million during that period. Specifically, Household International said it would revise the way it had accounted for its MasterCard/Visa co-branding and affinity card relationships, as well as a credit-card marketing agreement with a third party.
As a result of the Defendants' false and misleading statements, Household International securities traded at artificially high levels during the Class Period.
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 October 18, 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. Shelley Thompson, 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 Gary L. Specks, Esq. Kaplan Fox & Kilsheimer LLP 203 North LaSalle Street Suite 2100 Chicago, Illinois 60601 (312) 558-1584 Fax: (312) 558-1585 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