LOS ANGELES, Aug. 28, 2002 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased securities of the Walt Disney Co. ("Disney" or the "Company") (NYSE:DIS) between August 15, 1997 and May 15, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone at (310) 201-9161 or Toll Free at (888) 773-9224 or by email at info@glancylaw.com.
The Complaint charges Disney and certain of its officers and directors with violations of federal securities laws. Plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning the existence, details, and potential effects of a pending lawsuit over merchandising rights for products bearing the likeness of Winnie the Pooh characters caused Disney's stock price to become artificially inflated, inflicting damages on investors. For eleven years, Disney has been involved in a bitterly contested lawsuit with hundreds of millions of dollars at stake, but throughout they have never advised their stockholders of its existence. After Disney first disclosed the potential effects of the litigation on May 15, 2002, its stock price fell, reaching $13.77 on August 13, 2002, a decline of more than 40%.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow 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 October 15, 2002, 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 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca