CHICAGO, Ill. Aug. 16, 2002 (PRIMEZONE) -- Nicor, Inc. ("Nicor") announced on August 14, 2002 that it has restated its first and second quarter results for fiscal year 2002. The restatement led to a downward revision in its first quarter net income, which it first reported on April 17, 2002, from $39.9 million to $35.5 million, resulting in a $.10 reduction in earnings per share. The restatement is allegedly the product of adjustments Nicor made regarding its Nicor Energy LLC joint venture with Dynegy Inc. and its Performance Based Rate ("PBR") plan, which are at the center of a class action lawsuit Much Shelist Freed Denenberg Ament & Rubenstein, P.C. has filed against Nicor (NYSE:GAS) and certain of its officers and directors in the United States District Court for the Northern District of Illinois. The shareholder lawsuit is on behalf of all persons and entities who purchased common stock during the period April 18, 2000 through July 18, 2002, inclusive ("Class Period").
The Complaint alleges that Nicor; Thomas L. Fisher, Nicor's Chairman of the Board and Chief Executive Officer; and Kathleen L. Halloran, Nicor's Executive Vice President of Finance and Administration, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market during the Class Period. These alleged misstatements had the effect of artificially inflating the price of Nicor common stock.
If you wish to discuss your rights and interests, have questions regarding this notice or have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Nicor.
The Complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented, among other things, that the Company had manipulated its gas cost PBR plan in order to artificially inflate its operating results and had failed to disclose accounting irregularities at Nicor Energy.
On August 14, 2002, Nicor disclosed that federal regulators are probing possible improprieties relating to its gas-supply program and accounting at Nicor Energy. Nicor also announced that its executives could not certify this year's financial statement, as required by the Securities and Exchange Commission, because of the investigations of its gas-supply program..
Plaintiff seeks to recover damages on behalf of all those who purchased Nicor common stock during the Class Period (August 18, 2000 - July 18, 2002). If you purchased Nicor common stock during the Class Period and either lost money on the transactions or still hold the common stock, you may, if you meet certain other legal requirements, file a motion to serve as a lead plaintiff. You must file your motion no later than September 20, 2002.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. 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 serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion. Please contact the Much Shelist website for more information about the firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca