NEW YORK, Oct. 7, 2002 (PRIMEZONE) -- The law firm of Wechsler Harwood LLP announces that a class action has been commenced in the United States District Court for the Southern District of Indiana on behalf all persons who purchased or acquired Conseco, Inc. ("Conseco" or the "Company") (NYSE:CNC) (OTCBB:CNCE) securities between the period of October 30, 2001 and July 15, 2002, inclusive (the "Class Period").
The Complaint charges Conseco and certain of its officers and directors with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 of the Securities and Exchange Commission. Among other things, plaintiff claims that defendants disseminated a series of materially false and misleading statements regarding problems with Conseco's liquidity and the Company's manufactured-homes financing business. The disclosure on the last day of the Class Period that the Company would miss certain bond payments caused the price of Conseco stock to drop 11.5%. The Complaint charges that defendants were in possession of materially adverse information about the Company's liquidity problems and manufactured-homes financing business but failed to fully disclose the information to investors, causing Conseco's stock price to become artificially inflated, inflicting damages on investors.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than October 29, 2002, move the Court to serve as a lead plaintiff. 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." 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).
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Craig Lowther, Wechsler Harwood Shareholder Relations Department: clowther@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.