Squitieri & Fearon, LLP Announces Securities Fraud Suit Against TECO Energy, Inc. -- TE


NEW YORK, Oct. 1, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP.:

A class action has been filed in the United States District Court for the Middle District of Florida on behalf of purchasers of TECO Energy, Inc. ("TECO") (NYSE:TE) securities during the period between October 30, 2001 and February 4, 2003 (the "Class Period").

If you wish to discuss your rights, please contact Lee Squitieri of Squitieri & Fearon, LLP at (212) 421-6492 or by e-mail at lee@sfclasslaw.com.

The lawsuit charges TECO and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TECO is a holding company for regulated utilities and other unregulated businesses. During the Class Period, TECO concealed problems with independent power plant construction ventures for which it would ultimately be fully responsible, including the Company's full exposure to the demise of Enron Corporation and the vulnerability of the company's large cash dividend, causing TECO securities to trade at artificially inflated levels. The individual defendants sold over $4.2 million of their own stock and raised over $792 million selling equity securities. In late 2002 and early 2003, several large projects and their liabilities were "put" to TECO, moving hundreds of millions of dollars of off-balance sheet debt into TECO's balance sheet. TECO took over a billion dollars in impairment charges as a result, causing its stock to fall from a Class Period high of over $28 per share, to below $13 per share on February 4, 2003.

Plaintiff seeks to recover damages on behalf of all purchasers of TECO publicly traded securities during the Class Period (the "Class"). Excluded from the Class are the defendants and members of their immediate families, any entity in which a defendant has a controlling interest and the heirs of any such excluded party.

If you bought TECO securities between October 30, 2001 and February 4, 2003, you may, no later than October 25, 2004, move the Court to appoint you as lead plaintiff of the Class, if you so choose.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact:


  Squitieri & Fearon, LLP
  Lee Squitieri
  New York, NY 10022
  (212) 421-6492
  lee@sfclasslaw.com


            

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