CHICAGO, Oct. 1, 2002 (PRIMEZONE) -- The deadline for purchasers of Household International Inc. ("Household" or the "Company") (NYSE:HI) publicly traded securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Household securities between October 23, 1997 and August 14, 2002 inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Northern District of Illinois by October 18, 2002.
The Complaint alleges that Household, William F. Aldinger, Household's Chairman and Chief Executive Officer, and David A. Schoenholz. Household's President and Chief Operating Officer, violated the federal securities laws by issuing a series of materially false and misleading statements to the market, which had the effect of artificially inflating the market price of Household's securities.
If you wish to discuss your rights and interests, have questions regarding this notice or have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Household.
Household is principally a non-operating holding company engaged in three reportable segments: consumer, credit card services and international. The consumer segment includes consumer lending, mortgage services, retail services and auto finance businesses. The credit card services include the domestic MasterCard and Visa credit card business. The Company's international segment includes foreign operations in the United Kingdom and Canada.
The Complaint alleges that during the Class Period, defendants failed to: (i) properly amortize the Company's co-branding agreements, and (ii) record Household's expenses associated with its marketing initiatives. Defendants also improperly "re-aged" Household's accounts, thereby concealing the Company's actual delinquency ratios. As a result of defendants' activities, Household's shares traded at artificially inflated levels throughout the Class Period.
Plaintiff seeks to recover damages on behalf of all those who purchased Household securities during the Class Period (October 23, 1997 through August 14, 2002). If you purchased Household securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than October 18, 2002. Any member of the purported class may move the Court to serve as lead plaintiff through Much Shelist or other counsel of their choice, or may choose to do nothing and remain an absent class member.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca