Kirby, McInerney & Squire LLP Announces Class Action Lawsuit on Behalf of CornerStone Investors -- CNPP


NEW YORK, June 19, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of all purchasers of CornerStone Propane Partners, L.P. ("CornerStone" or the "Company") (Other OTC:CNPP) common stock during the period from July 29, 1998 through February 11, 2003, inclusive (the "Class Period").

Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/CornerStone/CornerStone.htm or contact us by phone at (888) 529-4787 or by email at emui@kmslaw.com for more information.

The action charges CornerStone and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of CornerStone's shares. The Complaint alleges, among other things, that throughout the Class Period, July 29, 1998 and February 11, 2003, defendants continued reporting false and misleading financial results and making false statements concerning CornerStone's financial status and business condition, and failed to disclose: (i) that Cornerstone had been systematically concealing that it was overpaying for acquisitions made as early as 1997 by improperly misallocating portions of the purchase price of physical assets which should have been allocated to goodwill; (ii) that it was materially overstating its earnings before interest, taxes, depreciation and amortization, its net income and its earnings per unit; and (iii) that CornerStone lacked adequate internal controls and was therefore unable to ascertain or report the true financial condition of the Partnership.

Finally, on February 11, 2003, CornerStone announced that its auditor, Deloitte & Touche, could not reaudit Cornerstone's previous financial filings, citing irreconcilable errors and missing supporting documents. CornerStone's common units traded as high as $22 per share during the Class Period but declined to $0.35 per share by the end of the Class Period, erasing over $360 million in market capitalization.

Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.

If you are a member of the class described above, you may, no later than July 18, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:


 Ira M. Press, Esq.
 Elaine Mui
 
 Kirby McInerney & Squire
 830 Third Avenue, 10th Floor
 New York, New York  10022
 Telephone:  (212) 317-2300
 or Toll Free (888) 529-4787
 E-Mail: emui@kmslaw.com

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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