LOS ANGELES, May 9, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- representing shareholders of NorthWestern Corporation - announces 14 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of NorthWestern Corporation ("NorthWestern" or the "Company") (NYSE:NOR) between August 2, 2000 and December 13, 2002, inclusive (the "Class Period"), may move the Court not later than May 23, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges NorthWestern and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning NorthWestern's business operations and financial performance caused NorthWestern's stock price to become artificially inflated, inflicting damages on investors. NorthWestern provides value-added energy and communications services, including air conditioning, heating, ventilation, plumbing and related services to residential and business customers nationwide. The complaint alleges that during the Class Period defendants misrepresented the Company's revenue and earnings by maintaining insufficient reserves for accounts receivables at the Company's communications subsidiary Expanets, and by failing to make full disclosures of problems with the implementation of a new "information technology system infrastructure." NorthWestern's problems were revealed on December 13, 2002, when the Company issued a press release disclosing that NorthWestern would dramatically miss its earnings estimates for 2002. The press release blamed the earnings shortfall on "the need to significantly increase reserves for accounts receivable" and "billing adjustments" at the Company's communications subsidiary, Expanets. Moreover, the Company press release revealed that defendants estimated the NorthWestern would need to increase its reserves "by at least $50 million" and that financial results for 2002 could not be reported until a year-end audit was completed. On the same day as these disclosures, NorthWestern's stock plummeted 37% from the previous day's close, on higher than normal trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.