NEW YORK, June 14, 2003 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Northern District of Illinois on behalf of all purchasers of Sara Lee Corporation ("Sara Lee" or the "Company") (NYSE:SLE) securities between August 1, 2002 and April 24, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Sara Lee's financial results and business prospects. Specifically, the complaint alleges that Sara Lee failed to disclose, among other facts, that: (i) the Company's Reshaping program was a failure and, consequently, a large part of the Company's portfolio was in businesses that either were not growing or were in significant decline; (ii) the Company's increased investment in media advertising and new product development had not started to accelerate growth of the Company's key brands, but rather, the Company's key brands continued to perform poorly; (iii) the Company lacked adequate internal and financial controls; and (iv) the Company lacked any reasonable basis for projecting "double digit" operating income increases for fiscal 2003 or diluted earnings per share figures for fiscal 2003. As a result, the price of the Company's securities were artificially inflated throughout the Class Period, allowing certain Sara Lee insiders to sell $23 million worth of personally held Sara Lee stock. On April 24, 2003, however, the Company shocked the market when it announced it was reducing earnings for fiscal 2003 to $1.50 to $1.52 per share, significantly below consensus expectations.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Sara Lee securities between August 1, 2002 and April 24, 2003, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Sara Lee securities during the Class Period, you may, not later than July 14, 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 your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca