ATLANTA, July 30, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that it has filed a class action in the United States District Court for the Central District of California on behalf of purchasers of Vivendi Universal, S.A. ("Vivendi" or the "Company") (NYSE:V) securities between April 23, 2001 and July 2, 2002, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. Specifically, the complaint alleges that prior to and during the Class Period, Mr. Messier took Vivendi on an acquisition binge that resulted in the Company amassing approximately $18 billion in debt as he turned the Company from a water concern into an entertainment powerhouse. The complaint alleges that under Mr. Messier's leadership, Vivendi completed a $30 billion buyout of Canada's Seagram and a $10.3 billion purchase of USA Networks Inc. The complaint further alleges that Mr. Messier orchestrated a scheme to conceal the severity of Vivendi's liquidity problems stemming from the massive debt load incurred as a result of these, and other, transactions. The complaint alleges that before his ouster by Vivendi's Board, Mr. Messier caused the Company to issue several press releases that falsely stated that Vivendi did not face an immediate and severe cash shortage that threatened the Company's viability going forward absent an asset fire sale. The complaint alleges that after Vivendi's Board dislodged Mr. Messier, the Company's new management disclosed the severity of the crisis and that the Company would have to secure immediately both bridge and long-term financing or default on its largest credit obligations. As alleged in the Complaint, Mr. Messier failed to disclose the true contours of Vivendi's cash crisis and his affirmative misrepresentations to the contrary have given rise to an investigation by French authorities.
If you bought the securities of Vivendi during the Class Period, you may, no later than September 16, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, GA, but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca