NEW YORK, Oct. 17, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of Texas, Civil Action No. 02-CV-2248, on behalf of all persons or entities who purchased or otherwise acquired securities of TXU Corporation ("TXU" or the "Company") (NYSE:TXU) on or before October 14, 2002 of this year. TXU, Erle Nye and Michael McNally are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel: Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016; by telephone at (800) 497-8076 or (212) 682-1818; by facsimile at (212) 682-1892; or by e-mail at email@rabinlaw.com.
The complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements and omitting to disclose material adverse information about the Company's operations and prospects during the Class Period. Specifically, the complaint alleges that defendants issued several statements that the dividend was stable and they saw nothing that would reduce amount of the dividend. On October 11, 2002, defendant Nye stated: "I believe the dividend is secure ... I don't know anything today that would make me think otherwise." Three days later, the Company announced that it would reduce its dividend by 80 percent.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased TXU securities on or before October 14, 2002 of this year, you may, no later than December 16, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca