PHILADELPHIA, May 2, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Western District of Wisconsin, on behalf of purchasers of the common stock of Alliant Energy Corporation ("Alliant" or the "Company") (NYSE:LNT) between January 29, 2002 through July 18, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that the Company inaccurately boasted of the performance of its non- regulated businesses and represented that those businesses would enhance the Company's 2002 financial outlook. Defendants knew or should have known that its non-regulated businesses were suffering from serious problems; that its non-regulated businesses operated as a financial strain on the Company's overall financial results and could not compensate for any weaknesses in its regulated businesses; and that the Company, in earnest, still heavily relied on its utilities businesses for earnings even though the Company reported otherwise.
On July 18, 2002, the Company, unexpectedly, issued a press release titled: "Alliant Energy Updates 2002 Adjusted Earnings Guidance, Affirms Dividend Commitment And Issues Initial 2003 Adjusted Earnings Guidance." Therein, the Company announced that it was lowering its 2002 adjusted earnings guidance to a range of $1.35 - $1.55 per diluted share from its previous guidance of $2.10 - $2.30. Market reaction to this news was swift. Alliant's stock experienced a sharp 23% decline and closed at $18.22 per share on July 19, 2002. After the close of the Class Period, the Company, on November 22, 2002, issued a press release wherein it stated that it would shift its operations to less aggressive growth targets primarily driven by its utility operations and sell many of its non-regulated businesses.
If you purchased Alliant securities during the Class Period, you may, no later than June 23, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Alliant securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca