NEW YORK, Nov. 8, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York, on behalf of all purchasers of H & R Block, Inc. ("H & R Block" or the "Company") (NYSE:HRB) securities between November 8, 1997 and November 1, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning H & R Block's financial results and business prospects. Specifically, the complaint alleges that H & R Block failed to disclose that it faced over 20 class action lawsuits in which it was accused of charging excessive interest rates which amounted to a potential $2 billion liability which at times exceed the Company's total net worth. As a result of this revelation on November 1, 2002, the stock declined to $40.95 per share from $44.38 per share the prior day. In total, the Company lost $973 million in market capitalization and its stock tumbled 8% in one day.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired H & R Block securities between November 8, 1997 through November 1, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com.
If you purchased H & R Block securities during the Class Period, you may, not later than January 8, 2003, move the court to serve as lead plaintiff of the class. In order 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, please contact:
ERIC CRUSIUS, ESQ. ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Ecrusius@faruqilaw.com, Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca