NEW YORK, May 25, 2005 (PRIMEZONE) -- Investors have until July 1, 2005 to seek appointment by the Court as lead plaintiff in the class action lawsuit against the Tribune Company ("Tribune" or the "Company") (NYSE:TRB). Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) filed a class action lawsuit on May 5, 2005 in the United States District Court, Northern District of Illinois, on behalf of purchasers of Tribune securities during the period from January 24, 2002 through July 15, 2004, inclusive (the "Class Period").
A lead plaintiff acts on behalf of other class members in overseeing and directing the litigation. The Court must determine that the claim of the lead plaintiff is typical of the claims of other class members, and that lead plaintiff will adequately represent the class. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The complaint alleges that Tribune and certain of its officers and directors knowingly or recklessly overstated the Company's circulation numbers throughout the Class Period, and thereby caused the Company's stock price to trade at artificially inflated prices in violation of the Securities Exchange Act of 1934.
Specifically, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) since at least FY 2001, Defendants were inflating the circulation of Tribune's Hoy and Newsday publications; (b) as a result of said inflation, the Company's financial results during the Class Period were artificially inflated (including revenue, earnings per share ("EPS") and accounts receivables), and the Company's liabilities were understated; (c) the Company's revenue and income was grossly overstated by millions of dollars; (d) defendants had knowingly established extremely weak, if not purposeless, circulation controls which allowed for the circulation overstatements and did not require that circulation managers certify the claimed circulation; and (e) as a result, defendants' ability to continue to achieve future EPS and revenue growth would be severely threatened and would and did result in $95 million in costs, fines, refunds and investigation expenditures.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. For more information about the Firm, visit our web site at www.pomlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.