BALA CYNWYD, Pa., June 7, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of Texas on behalf of all purchasers of the common stock of Halliburton Company (NYSE:HAL) ("Halliburton" or the "Company") between July 22, 1999 and May 28, 2002, inclusive (the "Class Period").
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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Halliburton Company and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, beginning in the fourth quarter of 1998, unbeknownst to the public, Halliburton materially changed its revenue recognition policy to recognize revenue on claims and change orders relating to cost-overruns which its clients had not approved. Previously, the Company would only recognize revenue on approved change orders or claims. The Complaint further alleges that the alteration of the Company's accounting policy and financial results reported as a result thereof throughout the Class Period were materially false and misleading and in violation of Generally Accepted Accounting Principles ("GAAP") because, among other things, the accounting change was not disclosed to the public or supported as the preferred accounting treatment in the Company's financial statements and because collection of the claims or change orders was not probable and the amounts involved could not be estimated reliably. As a result of these violations of GAAP, according to the complaint, the Company's quarterly and annual earnings press releases and financial reports filed with the Securities and Exchange Commission ("SEC") throughout the Class Period were materially false and misleading and artificially inflated the Company's reported revenues and earnings, thereby artificially inflating the price of Halliburton securities. On May 28, 2002, after the close of the market, Halliburton issued a press release announcing that the SEC is conducting an investigation into its accounting for cost overruns. In reaction to the press release, the price of Halliburton common stock dropped by 3.3% in one day on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than August 2, 2002, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca