NEW YORK/SEATTLE, July 22, 2004 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed by Bull & Lifshitz, LLP in the United States District Court for the Western District of Washington at Seattle on behalf of purchasers of the securities and/or sellers of put options of Washington Mutual, Inc. ("Washington Mutual" or the "Company")(NYSE:WM), between April 15, 2003 and June 28, 2004, inclusive (the "Class Period").
If you purchased Washington Mutual securities during the Class Period, you may, no later than September 20, 2004, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The complaint charges Washington Mutual, Inc., Kerry K. Killinger, Thomas W. Casey, Deanna W. Oppenheimer, William W. Longbrake, Craig J. Chapman, James G. Vanasek, and Michelle McCarthy with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The complaint alleges that throughout the Class Period, Defendants issued false and misleading statements regarding the Company's ability to grow in the face of any expected interest rate increases, as well as the Company's purported financial hedging strategies. On June 29, 2004, investors learned the truth about the Company after Defendants issued a press release announcing a very significant earnings and net income shortfall which far exceeded any guidance previously sponsored and endorsed by Defendants. According to this release, increases in interest rates had, in fact, impacted the Company's mortgage banking business to such an extent that earnings for the full year were revised to as low as $3.00 per share, compared to the up to $4.80 per share guidance provided at the inception of the Class Period. In addition, Defendants had not properly hedged the Company's interest rate risk such that is was now having a material adverse impact on Washington Mutual, Inc. Following the publication of this surprising and belated news, the Company's common shares fell to $36.50 per share, from a closing price of $41.31 per share on June 29, 2004; a decline of nearly 12%.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Washington Mutual securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Joshua M. Lifshitz, Esq. or Christine A. Giovannelli, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com