HARTFORD, Conn., May 31, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased shares and/or sold put contracts of American Tower Corporation ("American Tower" or the "Company") (NYSE:AMT) between February 1, 2006 and May 24, 2006, inclusive, (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements concerning American Tower's financial results in Securities and Exchange Commission ("SEC") filings. Specifically, it is alleged that defendants failed to disclose that: (i) insiders of the Company were engaged in self-dealing involving the backdating of options granted to them to receive a favorable price; and (ii) the Company misstated its earnings and expenses as a result of option backdating. As a result of the above-mentioned activities, shares of American Tower fell to $30.30 on May 24, 2006.
If you are a member of the class, you may, no later than July 31, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.