PHILADELPHIA, June 2, 2003 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that a class action lawsuit was commenced in the United States District Court for the Northern District of California on behalf of purchasers of CornerStone Propane Partners, L.P. ("CornerStone" or the "Partnership" ) (Pink Sheets:CNPP) common units during the period between July 29, 1998 and February 11, 2003, and who have been damaged thereby. (the "Class Period").
The action, numbered 03cv2566, is pending in the United States District Court, Northern District of California, located at 450 Golden Gate Ave, 16th Floor, San Francisco, CA 94102 against defendants Cornerstone Propane Partners, L.P., Northwestern Corporation - South Dakota corporation, Keith G. Baxter - Chief Executive Officer, Ronald J. Goedde - Chief Financial Officer, William L. Woods - Vice President of Acquisitions, Charles J. Kittrell - Chief Financial Officer, Richard G. Nye - Vice President of Finance, Merle D. Lewis - Chief Executive Officer and Chairman of the Board of North Western and Chairman of the Board of the Managing General Partner, Richard R. Hylland - President and Chief Operating Officer of North Western and as Vice Chairman of the Board of the Managing General Partner and Daniel K. Newell - Senior Vice President, Managing Director and CEO of North Western Growth Corporation and as a director of the Managing General Partner.
The case has been assigned to the Honorable Marilyn Hall Patel. A copy of the Complaint is available from the Court or the Law Offices Bernard M. Gross, P.C. Please contact us by phone at 866-561-3600 (toll free) or by E-mail at susang@bernardmgross.com.
The Complaint alleges, among other things, that throughout the Class Period, July 29, 1998 and February 11, 2003, defendants continued reporting false and misleading financial results and making false statements concerning CornerStone's financial status and business condition, and failed to disclose: (i) that Cornerstone had been systematically concealing that it was overpaying for acquisitions made as early as 1997 by improperly misallocating portions of the purchase price of physical assets which should have been allocated to goodwill; (ii) that it was materially overstating its earnings before interest, taxes, depreciation and amortization, its net income and its earnings per unit; and (iii) that CornerStone lacked adequate internal controls and was therefore unable to ascertain or report the true financial condition of the Partnership.
Finally, on February 11, 2003, CornerStone announced that its auditor, Deloitte & Touche, could not reaudit Cornerstone's previous financial filings, citing irreconcilable errors and missing supporting documents. CornerStone's common units traded as high as $22 per share during the Class Period but declined to $0.35 per share by the end of the Class Period, erasing over $360 million in market capitalization.
Plaintiff seeks to recover damages on behalf of Class members and is represented by the law firm of Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions. If you purchased the common units of CornerStone Propane Partners, L.P. during the period between July 29, 1998 and February 11, 2003, you may no later than July 28, 2003 move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters, please contact:
Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
1515 Locust Street, Suite 200
Philadelphia, PA 19102
Telephone: 866-561-3600 (toll free)
or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com