NEW YORK, Sept. 3, 2002 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action lawsuit against Aon Corporation ("Aon" or the "Company") (NYSE:AOC) and two of the Company's senior officers, investors who purchased or otherwise acquired the securities of Aon during the period from May 4, 1999 through August 6, 2002, inclusive (the "Class Period") have until Monday, October 7, 2002 to seek appointment by the Court as one of the lead plaintiffs in this action.
The Complaint charges that throughout the Class Period, defendants issued numerous statements and filed reports with the Securities & Exchange Commission which described the Company's earnings and financial performance. It is alleged that these statements were materially false and misleading because defendants knew or should have known that Aon's reported earnings were overstated as a result of the Company's failure to timely write down the value of its investments when they became other than temporarily impaired. The amounts that should have been charged-off in prior periods would have reduced reported net income as follows: $17 million in 1999; $15 million in 2000; and $3 million in the first quarter of 2002.
Before the market opened on August 7, 2002, Aon announced disappointing results for the second quarter ended June 30, 2002 due in large part to a charge of $56 million, or $0.13 per share, to write-down investments that should have been adjusted in prior years. Following the revelations, Aon common stock plunged $6.43, or 30%, to close at $14.77 on volume in excess of 20 million shares.
If you purchased the securities of Aon during the Class Period, you have until Monday October 7, 2002 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.