NEW YORK, Feb. 20, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP:
You are hereby notified that a Class Action has been filed in the United States District Court for the Central District of California on behalf of investors who sold securities of The Walt Disney Company (NYSE:DIS) during the period from February 9, 2004 through February 10, 2004 (the "Class Period").
The Complaint charges The Walt Disney Company ("Disney") and Michael Eisner (Disney's President and Chief Executive Officer) with violating the federal securities laws by failing to disclose that Comcast Corp.'s CEO had approached Disney with an offer to merge Disney and Comcast. The Complaint charges that each defendant violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 10b-5 by omitting to disclose the offer from Comcast and charges Michael Eisner with violating Section 20(a) of the Exchange Act.
After the public learned about the Comcast merger proposal on February 11, 2004, the price of Disney's common stock increased significantly.
The Class Action seeks to recover damages on behalf of all sellers of Disney's securities during the Class Period. Excluded from the Class are the defendants and members of their immediate families, any entity in which a defendant has a controlling interest and the heirs of any such excluded party.
Plaintiff is represented by the law firm of Squitieri & Fearon, LLP which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. If you are a member of the class described above, you may, not later than April 20, 2004, 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 interest, please contact plaintiff's counsel Stephen Fearon of Squitieri & Fearon, LLP at (212) 575-2092 or by e-mail at stephen@sfclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca