NEW YORK, Nov. 4, 2002 (PRIMEZONE) -- Kaplan Fox & Kilsheimer LLP (kaplanfox.com) filed a class action suit on October 28, 2002 against Credit Suisse First Boston Corporation ("CSFB"), in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the common stock of AOL Time Warner, Inc, formerly America Online, Inc. ("AOL" or the "Company") (NYSE:AOL) between January 16, 2001 and September 3, 2002, inclusive (the "Class Period").
The complaint alleges that defendant CSFB violated the federal securities laws by issuing analyst reports regarding AOL that recommended the purchase of AOL common stock and which set price targets for AOL common stock, without any reasonable factual basis. The complaint further alleges, among other things, that when issuing its AOL analyst reports, defendant CSFB failed to disclose material, non-public, adverse information which it possessed about AOL. Throughout the Class Period, CSFB maintained positive recommendation on AOL in order to obtain and support lucrative financial deals for CSFB.
The Class Period begins on January 16, 2001 at which time CSFB maintained a "BUY" rating for AOL common stock. The Class Period ends on September 3, 2002, the date CSFB belatedly downgraded AOL to a "RESTRICTIVE" rating. As a result of CSFB's false and misleading analyst reports, AOL common stock traded at artificially inflated levels during the class period.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the proposed Class, you may move the court no later than December 31, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Joel B. Strauss, Esq. Donald R. Hall, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca