NEW YORK, May 14, 2003 (PRIMEZONE) -- Wechsler Harwood LLP announced today that a class action lawsuit has been filed on behalf of purchasers of Alliant Energy Corporation ("Alliant Energy" or the "Company") (NYSE:LNT) common stock from January 29, 2002 through July 18, 2002, inclusive (the "Class Period").
The case is currently pending in the United States District Court for the Western District of Wisconsin, against defendants PEC Solutions and certain of its officers and directors alleging violations of the Federal Securities Laws. A copy of the Complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
The complaint brings claims under the Securities Exchange Act of 1934 against Alliant Energy Corporation and certain of its officers and directors charging them with issuing false and misleading statement concerning Alliant's business and financial condition. Specifically, the complaint alleges that defendants issued numerous press releases in which they falsely touted the performance of Allaint's non-regulated businesses and represented that those businesses would compensate for expected 2002 weakness in its utilities operations.
The complaint further alleges that the Company also represented that its unregulated businesses were integral to the Company's operations and were key to the Company's expected annual growth rate of 7%-10%. Such statements were materially false and misleading when made, the complaint alleges, because defendants knew, or were reckless in not knowing, that the unregulated businesses were suffering from serious problems, that such businesses were a material drain on the Company overall and could not compensate for any weaknesses in the regulated businesses and that the Company could not meet its 2002 earnings targets by the results of its utilities businesses alone.
On July 18, 2002, Alliant Energy shocked the market by announcing that it was cutting its 2002 earnings expectations by over 35%. The market reacted swiftly to this news, pushing the price of Alliant Energy down from a close of $23.78 per share on July 18, 2002, to $18.22 per share on July 19, a drop of over 23%, on unusually heavy trading volume. A few months after the end of the Class Period, the Company announced that it would sell many of its non-utility assets as part of an effort to refocus its business around the Company's utilities operations.
If you bought Alliant Energy publicly traded securities within the Class Period and you wish to serve as lead plaintiff, you must move the Court no later than June 23, 2003. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 David Leifer, Wechsler Harwood Shareholder Relations Department: dleifer@whesq.com extension 251.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca