LITTLE ROCK, Ark., March 11, 2002 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it had filed a class action in the United States District Court for the Southern District of Texas on behalf of purchasers of Hanover Compressor Company ("Hanover" or the "Company") (NYSE:HC) publicly traded securities during the period between November 8, 2000 and January 28, 2002, inclusive (the "Class Period"). The class period is being expanded to include purchases between May 15, 2000 through January 28, 2002, inclusive.
The complaint charges Hanover and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hanover is a provider of natural gas compression, gas handling and related services in the United States and various other countries. The complaint charges that during the Class Period, defendants issued false and misleading statements, press releases, and SEC filings concerning Hanover's financial condition. These statements had the effect of artificially inflating the price per share of the Company's common stock and other securities.
The Company's true state of fiscal affairs was in fact substantially different than reported to the markets. On January 28, 2002, Hanover would reveal various investments and joint ventures for which it never recorded the investment amount or purchase price, but for which the Company recorded revenue from in order to bolster its claims of growth. Specifically, the true facts, which as alleged in the complaint were known by the defendants during the Class Period but concealed from the public, were: (a) the $16 million in revenue and $2.6 million in net income recognized in Q3 and Q4 associated with the Hampton Roads fabrication project should not have been recognized; (b) the Registration Statement omits the Hampton Roads project and incorporated the Company's false and misleading Q3 and Q4 2000 financial results; and (c) the Company's financial statements for Q101 through Q301 were false in that the revenue and EPS were overstated and they failed to disclose the impact of the questionable Hampton Roads joint venture.
If you bought Hanover publicly traded securities between May 15, 2000 and January 28, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than April 5, 2002. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but 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 or e-mail the Firm or visit the Firm's website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca