LOS ANGELES, Oct. 16, 2002 (PRIMEZONE) -- Glancy & Binkow LLP -- the first firm to file a class action lawsuit against Conseco, Inc. based upon recent events -- announces 13 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Conseco, Inc. ("Conseco" or the "Company") (OTCBB:CNCE), between October 30, 2001 and July 15, 2002, inclusive (the "Class Period"), may move the Court, not later than October 29, 2002, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
The Complaint charges Conseco and certain of its officers and directors with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 of the Securities and Exchange Commission. Among other things, plaintiff claims that defendants disseminated a series of materially false and misleading statements regarding problems with Conseco's liquidity and the Company's manufactured-homes financing business. The disclosure on the last day of the Class Period that the Company would miss certain bond payments caused the price of Conseco stock to drop. The Complaint charges that defendants were in possession of materially adverse information about the Company's liquidity problems and manufactured-homes financing business but failed to fully disclose the information to investors, causing Conseco's stock price to become artificially inflated, inflicting damages on investors.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.