NEW YORK, Feb. 25, 2003 (PRIMEZONE) -- Wolf Popper LLP has filed a securities fraud lawsuit against Koninklijke (Royal) Ahold NV (NYSE:AHO) (AMS:AHLN) (LSE:AHLNq) (Swiss:AHLN), Cornelis H. van der Hoeven and Adriaan Michiel Meurs, on behalf of persons who purchased Royal Ahold securities on the United States and European stock exchanges from March 6, 2001 through February 21, 2003. The action was filed in the United States District Court for the Southern District of New York, located at Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312, telephone number (212) 805-0136. The complaint can be viewed on Wolf Popper's website or obtained from the Court.
The complaint alleges that during the Class Period, defendants materially misrepresented Ahold's financial results and performance for each of the quarters of and full year of fiscal 2001, ended December 30, 2001, and each of the first three quarters of fiscal 2002, by improperly recognizing income in Ahold's US Foodservice operations.
On February 24, 2003, prior to the opening of the financial markets, Ahold announced that it would restate its results because "significant accounting irregularities were discovered in the recognition of income including prepayment amounts related to U.S. Foodservice's promotional allowance programs." The Company stated that the restatements may exceed $500 million of previously recognized income.
On February 24, 2003, following the announcement of the restatement, Ahold's American Depositary Shares fell 61% or $6.53 from their February 21, 2003 closing price.
Wolf Popper LLP has extensive experience representing European and U.S. shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders.
Class members who desire to be appointed a lead plaintiff in this action must file a motion with the Court no later than April 28, 2003. Class members who are interested in serving as a lead plaintiff in this action, or other persons who have questions or information regarding the prosecution of this action, are urged to call or write:
Wolf Popper LLP, James A. Harrod, Esq., 845 Third Avenue, New York, NY 10022; Tel.: 212.451.9642, Toll Free: 877.370.7703, Fax: 212.486.2093, Toll Free Fax: 877.370.7704; Email: irrep@wolfpopper.com; website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca