NEW YORK, Feb. 21, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02 Civ. 1346(SHS), on behalf of all persons or entities who purchased J.P. Morgan Chase & Co., Inc. ("J.P. Morgan" or the "Company") common stock (NYSE:JPM) between November 28, 2001 and January 28, 2002, both dates inclusive (the "Class Period").
The Complaint charges J.P. Morgan with violations of federal securities laws. The complaint charges that on the first day of the Class Period, J.P. Morgan recklessly misrepresented its risk and loss exposure related to its transactions and dealings with the Enron Corporation as being approximately $900 million. J.P. Morgan later admitted that, in fact, its total Enron related exposure was actually about $2.6 billion, or almost three times the earlier figure. Shortly thereafter, J.P. Morgan wrote down $1.13 billion in nonperforming assets, specifically related to losses generated by its dealings with Enron.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased J.P. Morgan common stock during the Class Period described above, you may, no later than April 15, 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 online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Maurice Pesso, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca