HOUSTON, Oct. 18, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm, announced today that a class action complaint has been filed in the United States District Court for the Northern District of Texas on behalf of all persons or entities who purchased or otherwise acquired securities of TXU Corporation ("TXU" or the "Company") (NYSE:TXU) on or before October 14, 2002 of this year. TXU, Erle Nye and Michael McNally are named as defendants in the complaint. Call the toll-free number listed below to obtain a copy of the complaint.
The complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements and omitting to disclose material adverse information about the Company's operations and prospects during the Class Period. Specifically, the complaint alleges that defendants issued several statements that the dividend was stable and they saw nothing that would reduce amount of the dividend. On October 11, 2002, defendant Nye stated: "I believe the dividend is secure ... I don't know anything today that would make me think otherwise." Three days later, the Company announced that it would reduce its dividend by 80 percent.
If you purchased TXU securities on or before October 14, 2002 of this year, you may, no later than December 16, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff by contacting the Investor Relations Department of The Emerson Firm at the e-mail address listed below or by making a toll-free phone call.
The Emerson Firm attorneys are licensed in all federal district courts in Texas, including the Northern District where this case was filed. The Emerson Firm has substantial experience representing investors in securities class action lawsuits such as this and has handled many actions in the courts of the Northern District of Texas and, as an example, is counsel for plaintiffs in the Halliburton securities litigation pending there. The firm represents investors 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 toll free or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.