NEW YORK, May 23, 2003 (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 LLC ("CSFB"), f/k/a Credit Suisse First Boston Corporation, and its Senior Energy Group Analyst Curt Launer ("Launer") on behalf of investors who purchased the common stock of NewPower Holdings, Inc. ("NewPower" or the "Company") (Other OTC:NWPW) during the period from October 5, 2000 through December 5, 2001, inclusive (the "Class Period").
The lawsuit charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading analyst reports on NewPower, an energy company, without disclosing that CSFB held a 7.9% proprietary interest in NWP and, at times, that Launer and another analyst owned stock in NewPower. As a result of defendants' false and misleading statements, the market price of NewPower common stock was artificially inflated, maintained or stabilized during the Class Period.
On or about April 28, 2003, the United States Securities and Exchange Commission ("SEC") issued a complaint charging CSFB with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE") by issuing false and misleading analyst reports on numerous companies, including NewPower. The SEC's complaint describes the influence and control exerted by CSFB's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on NewPower issued by defendants to the public were influenced by defendants' conflict of interests in owning stock of NewPower, which were often not disclosed.
If you purchased the common stock of NewPower during the Class Period, you have until July 22, 2003 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, Chicago and Washington D.C., 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