NEW YORK, Dec. 11, 2002 (PRIMEZONE) -- Faruqi & Faruqi, LLP announces that 6 days remain to move to be lead plaintiff in the class action lawsuit commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Atlas Air Worldwide Holding, Inc. ("Atlas Air" or the "Company") (NYSE:CGO) securities between April 18, 2000 and October 15, 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 Atlas Air's financial results and business prospects. Specifically, the complaint alleges that Atlas Air failed to disclose that, throughout the class period, the Company materially overstated its inventory, maintenance expense, and allowance for bad debts. As a result, the price of the Company's securities were artificially inflated throughout the Class Period. On October 16, 2002, however, defendants disclosed that Atlas Air would have to restate its previously issued financial reports for its fiscal years 2000 and 2001. Following this revelation, Atlas Air's share price fell to $.79 per share, to close at $1.80 per share, significantly below the Class Period high of $45.69.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Atlas Air securities between April 18, 2000 through October 15, 2002, excluding defendants and their affiliates.
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 Atlas Air securities during the Class Period, you may, not later than December 17, 2002, move the court to serve as lead plaintiff of the class, if you so choose. 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