NEW YORK, March 16, 2004 (PRIMEZONE) -- Roy Jacobs & Associates today announced that it has filed a class action on behalf of persons or entities who purchased or otherwise acquired the securities of El Paso Corporation (NYSE:EP) during the period from February 22, 2000 and February 17, 2004 (the ``Class Period'').
If you wish to discuss this action with us, or have any questions concerning this notice or your rights with regard to the case, you may call toll-free at 1-888-884-4490.
The action is pending in the United States District Court for the Southern District of Texas and names as defendants, the Company, its former chairman and chief executive officer Ronald L. Kuehn, Jr., its current president and chief executive officer, Douglas L. Foshee, its executive vice president and chief financial officer, D. Dwight Scott and others.
The complaint charges defendants with violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, due to material misrepresentations concerning El Paso's financial condition and specifically, its reported proved petroleum reserves.
After the markets closed on February 17, 2004, El Paso shocked the investing public by announcing that an independent review of the company's proved oil and gas reserves revealed that El Paso overstated such reserves by a staggering 41 percent. The company further revealed that, as a direct result, it expected to take a pre-tax charge of approximately $1 billion. As a result of these revelations, El Paso's common stock fell 17.6 percent.
Further information concerning your rights with regard to the case is available from the following:
ROY L. JACOBS ROY JACOBS & ASSOCIATES 1-888-884-4490 CLASSATTORNEY@PIPELINE.COM
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca