NEW YORK, Dec. 23, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the United States District Court for the Southern District of New York against Credit Suisse First Boston Corporation ("CSFB") on behalf of investors who purchased the common stock of AOL Time Warner, Inc. ("AOL" or the "Company") (NYSE:AOL) during the period from January 16, 2001 through September 3, 2002, inclusive (the "Class Period").
The complaint alleges that CSFB violated Sections 10(b) of the Securities Exchange Act of 1934 by issuing false and misleading analyst reports on AOL, the world's largest media and Internet company, in a bid to win or maintain lucrative banking and advisory work from the Company. CSFB was a senior co-manager of both AOL's April 2002 $6 billion bond sale and its April 2001 $4 billion bond sale, reaping fees in excess of $10 million. As a result of defendant's false and misleading statements, the market price of AOL common stock was artificially inflated, maintained or stabilized during the Class Period.
On October 21, 2002, the Commonwealth of Massachusetts charged CSFB with violating the Massachusetts Securities Act by issuing false and misleading analyst reports on numerous companies. The complaint describes the influence and control exerted by CSFB's investment bankers on its supposedly independent research analysts.
If you purchased the common stock of AOL during the Class Period, you have until December 31, 2002 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.