BALA CYNWYD, Pa., Oct. 24, 2002 (PRIMEZONE) -- Shareholders of Conseco, Inc. (OTCBB:CNCE) (formerly NYSE:CNC) ("Conseco" or the "Company") who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in Indiana (02-CV-1548) must submit an application with the Court by October 29, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Conseco, Inc. securities between October 30, 2001 and July 15, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Conseco, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that Conseco, Inc. 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 11.5%. 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.
If you purchased Conseco, Inc. securities between October 30, 2001 and July 15, 2002, you may be a member of the class and have until October 29, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca