NEW YORK, Sept. 2, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Western District of New York (03 CV 6419) on behalf of a class (the "Class") of all persons who purchased securities of Alstom S.A. ("Alstom" or the "Company") (NYSE:ALS) between May 7, 2002 and June 30, 2003 inclusive (the "Class Period").
The Complaint names as defendants Alstom SA, Pierre Bilger, Francois Newey, Stephan Rambaud-Measson, Joe Janovec and Patrick Kron. The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Alstom securities. A copy of the Complaint is available from the Court or from Abbey Gardy, LLP. Please email us at slee@abbeygardy.com to request a copy of the Complaint.
The Complaint alleges that defendants issued a series of materially false and misleading press releases, public statements and filings with the Securities and Exchange Commission ("SEC") starting on May 7, 2002 and continuing to June 30, 2003 concerning the Company's financial condition. In particular, the Complaint alleges that Alstom Transportation Inc., the Company's United States subsidiary, had: (i) materially understated losses; (ii) failed to recognize costs when incurred in anticipation of shifting the costs to other more profitable contracts; and (iii) understated forecast costs to completion. On June 30, 2003, Alstom reported that the SEC and the FBI had initiated investigations into accounting improprieties at Alstom Transportation Inc. On August 12, 2003, Alstom announced that the SEC had opened a formal investigation into Alstom Transportation Inc. The Company further reported that it has uncovered "accounting improprieties" at Alstom Transportation and as a result would be taking a $58.2 million charge for the year ending March 31, 2004. Alstom also announced the suspension of Stephan Rambaud-Measson and Joe Janovec pending the completion of the investigation. On this news the Company's securities fell to $2.51 from a class period high of $12.65.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Alstom securities during the Class Period. If you purchased or otherwise acquired Alstom securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Alstom securities during the Class Period, you may, no later than October 28, 2003 request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Susan Lee of Abbey Gardy, LLP at (212) 889-3700 or 800-889-3701, or e-mail them at nkaboolian@abbeygardy.com or slee@abbeygardy.com.