NEW YORK, Oct. 18, 2002 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud class action complaint against Atlas Air Worldwide Holdings, Inc. ("Atlas") (NYSE:CGO), five senior officers of Atlas, and Morgan Stanley Dean Witter, on behalf of purchasers of Atlas common stock from April 18, 2000 through October 15, 2002, inclusive (the "Class Period"), including shares purchased pursuant or traceable to May 2000 and September 2000 Prospectuses for public offerings of Atlas shares. A copy of the complaint is available from the U.S. District Court for the Southern District of New York.
Plaintiff alleges in the class action that during the Class Period, defendants reported materially false and misleading earnings. At the same time, Atlas sold 3 million shares of Atlas common stock for $31.75 per share in the May 2000 offering, and controlling shareholders sold 1.5 million shares of Atlas common stock at $43.50 per share in the September 2000 offering.
The true facts began to be disclosed on October 16, 2002 when Atlas announced that it would be required to restate its financial results for fiscal years 2000 and 2001, in the areas of obsolescence, maintenance expense, and allowance for bad debt. Preliminary indications were that the cumulative impact of the restatement of fiscal 2000 and 2001 will reduce after-tax income for fiscal 2000 and 2001 by roughly $60 million to $65 million.
Shares of Atlas common stock, which had traded at a high of $45.69 per share during the Class Period, fell to as low as $1.70 after announcement of the restatement.
Any member of the class who desires to be appointed lead plaintiff in the class action must file a motion with the Court no later than December 17, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff, you may call or write:
Wolf Popper LLP Robert C. Finkel, Esq. 845 Third Avenue, New York, NY 10022-6689 Tel.: 212.451.9620, Toll Free: 877.370.7703 Fax: 212.486.2093, Toll Free: 877.370.7704 Email: irrep@wolfpopper.com; website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.