Koninklijke Ahold N.V. (Royal Ahold) Accused of Defrauding Investors, Berman DeValerio Pease Tabacco Burt & Pucillo Says -- AHO

NEW YORK, April 7, 2003 (PRIMEZONE) -- Koninklijke Ahold N.V. (Royal Ahold) (NYSE:AHO) and two former officers are subjects of a securities fraud lawsuit that accuses the company of issuing false and misleading financial statements to the public, Berman DeValerio Pease Tabacco Burt & Pucillo said today.

The complaint was filed March 3 in the U.S. District Court for the Southern District of New York. Plaintiffs seek damages for violations of federal securities laws on behalf of all investors who bought Ahold securities from March 6, 2001 through and including February 21, 2003 (the Class Period).

Berman DeValerio has represented investors in class actions for over 20 years. To review the complaint and learn more about becoming a lead plaintiff, please visit the firm's website at www.bermanesq.com.

The lawsuit claims that Ahold and its officers issued false and misleading financial statements that misrepresented the Company's true revenue and earnings, causing its securities to trade at artificially inflated prices.

Ahold stunned investors on February 24, 2003 when it announced that:

(i) the Company's U.S. Foodservice subsidiary had materially overstated its income by close to $500 million by improperly including higher promotional allowances, provided by suppliers to promote their products, than the Company actually received in payment;

(ii) the Company's Disco subsidiary had engaged in certain transactions that were possibly illegal and were improperly accounted for; and

(iii) the Company's historical financial statements would be restated to proportionally consolidate, under Dutch GAAP and U.S. GAAP, several of the Company's joint ventures.

Moreover, the Company also revealed that its CEO and CFO had resigned and that the Company's independent auditors had suspended their fiscal year 2002 audit pending completion of the investigations into the foregoing accounting irregularities.

As a result of this news, the price of Ahold ADRs fell $6.53 per share, or more than 61%, to close at $4.16, on heaving volume. On February 26, 2003, it was announced that the U.S. Securities and Exchange Commission and the U.S. Attorney's Office were investigating Ahold.

If you purchased Ahold securities during the period March 6, 2001 through and including February 21, 2003, you may wish to contact the following attorney at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests.

   Julie A. Richmond, Esq.
   One Liberty Square
   Boston, MA 02109
   (800) 516-9926 or (617) 542-8300 

If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than April 28, 2003. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.

Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. The firm consists of 33 attorneys in Boston, San Francisco, and West Palm Beach, Florida.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca


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