LOS ANGELES, Aug. 6, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Yukos Oil Company ("Yukos" or the "Company")(Pink Sheets:YUKOF) (Pink Sheets:YUKOY) (Russia:YUKO) between February 13, 2003 and October 25, 2003, inclusive (the "Class Period"). Also included are all those who acquired Yukos shares through its acquisitions of Sibneft, Geoilbent, and Vostochnaya.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Yukos and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Yukos' operations and financial performance artificially inflated the Company's stock price, inflicting damages on investors. Yukos is a leading Russian vertically-integrated oil company. The complaint alleges that defendants created a complex network of shell companies to evade taxes on the production, refining and sale of oil and oil products. These shell companies were registered in territories with preferential tax treatment in order to receive special tax exemptions and minimize tax liability. Because these shell companies were not separate legal entities, Yukos was required to recognize the full amount of the receipts associated with these transactions for its own tax purposes and was not entitled to the preferential tax treatment these shell companies were granted. Accordingly, Yukos' tax liability was materially understated and its earnings were materially overstated.
In October 2003, it was revealed that Russian authorities had arrested Yukos' CEO, on fraud, embezzlement and tax evasion charges. Authorities also announced that they would pursue criminal prosecutions against other senior Yukos officials. Ultimately, Yukos will be required to pay approximately $3.3 billion for 2000 alone due to its understatement of tax liability. The Tax Ministry intends to audit Yukos for 2001-2003 based upon the same charges, and Yukos could ultimately be expected to pay upwards of $10 billion to the Tax Ministry for this illegal tax evasion scheme.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 4, 2004, 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 interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.