NEW YORK, June 16, 2004 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Corporate Backed Trust Certificates, Verizon New York Debenture-Backed Series 2004-1 ("Certificates") (NYSE:CCG) during the period from January 5, 2004 through May 11, 2004, inclusive (the "Class Period").
To view the complaint or for more information concerning the suit, please contact Vivian Lee at vlee@kmslaw.com or by phone at (888) 529-4787.
The action charges defendants Lehman ABS Corp. and Lehman Brothers, Inc. (NYSE:LEH) with violations of the Securities Act of 1933. Investors allege that the Prospectus was materially misleading because it omitted to state material information that defendants had an obligation to disclose. Verizon New York was 1 of 16 domestic operating company owned by Verizon (NYSE:VZ) that filed reports with the SEC. While the Prospectus generally described Verizon's failure to continue as an SEC filer as one of the potential events of default, it failed to disclose that, as of February 2003, Verizon had already deregistered the public indebtedness of six of its domestic operating telephone companies and that those deregistrations were made pursuant to a program Verizon had established in early 2003 This information was material to an investor's decision whether to purchase the Certificates, particularly in light of the fact that a sale of the Debentures in the open market could yield substantially less than the $25 per Certificate paid by the Class members.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than August 2, 2004 move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:
Vivian Lee KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787 E-Mail: vlee@kmslaw.com