PHILADELPHIA, Sept. 27, 2002 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit was filed on September 18, 2002 on behalf of purchasers of the securities of Vodafone Group plc ("Vodafone" or the "Company") (NYSE:VOD) between March 7, 2001 and May 28, 2002, inclusive (the "Class Period ").
The Complaint alleges that defendants 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 material misrepresentations to the market between March 7, 2001 and May 28, 2002, thereby artificially inflating the price of Vodafone securities. The complaint alleges defendants issued numerous statements which highlighted the Company's strong financial performance and growth and reassured investors that Vodafone maintained a "solid balance sheet." These statements were materially false and misleading because they failed to disclose and/or misrepresented: (a) that the Company was improperly delaying the write-down of billions of dollars of goodwill and impaired assets, thereby artificially inflating the Company's reported financial results; (b) that the Company had grossly overpaid for the numerous acquisitions it had made in prior years; and (c) based on the foregoing, defendants' representation that the Company would continue to maintain its "record of delivering outstanding performance" was lacking in a reasonable basis.
On May 28, 2002, the Company announced its financial results for the fiscal year 2002, the period ending March 31, 2002, which included massive write downs for goodwill and exceptional items and operating costs and exceptional non-operating costs.
If you purchased Vodafone securities during the Class Period, you may, no later than November 25, 2002 move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Vodafone securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.rk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.