SAN DIEGO, April 27, 2004 (PRIMEZONE) -- Law Offices Of Anatoly Weiser today announced that a securities lawsuit has been commenced on behalf of shareholders who purchased the common stock of MasTec, Inc. ("MasTec" or the "Company") (NYSE:MTZ) between May 13, 2003 and April 12, 2004, inclusive. The lawsuit was filed in the United States District Court for the Southern District of Florida.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the relevant time period thereby artificially inflating the price of MasTec securities. More specifically, the Complaint alleges that defendants failed to disclose and indicate the following: (1) that the Company was materially inflating its financial results; (2) that the Company was prematurely recognizing revenue on various contracts; (3) that the Company's practice of improperly recognizing revenue was in violation of Generally Accepted Accounting Principles; (4) that the Company overstated its inventory; (5) that the Company failed to have adequate reserves for bad debts, inventory, cost overruns, and projected losses on certain projects; and (6) as a result, the Company's financial results were materially inflated at all relevant times.
If you purchased MasTec stock between May 13, 2003 and April 12, 2004, you may move the court no later than June 14, 2004 to serve as a lead plaintiff. The lead plaintiff acts as a representative party on behalf of other class members in directing the litigation. To be a member of the class, you need not take any action at this time. Your ability to share in any recovery is not affected by whether or not you serve as a lead plaintiff.
If you want to discuss your legal rights, you may call or e-mail the Law Offices of Anatoly Weiser who will attempt to answer your questions at no cost or obligation to you. You may contact the Law Offices of Anatoly Weiser toll-free at (877) 736-5411, by fax at (858) 225-0838 or by email at info@classlawsuit.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca