ATLANTA, April 25, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Adelphia Communications Corporation (Nasdaq:ADLAC) ("Adelphia" or the "Company") publicly traded securities during the period between March 30, 2000 and April 1, 2002, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint alleges that Adelphia and certain of its officers and directors issued false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that, throughout the Class Period, Adelphia failed to disclose billions of dollars of off-balance sheet debt. As alleged in the complaint, unbeknownst to investors, Adelphia guaranteed credit facilities for certain closely-held partnerships, which are controlled by the Rigas Family (the Company's controlling shareholder), and which used the money, in substantial part, to purchase securities from Adelphia. The complaint further alleges that Defendants first disclosed the existence of the off-balance sheet debt during an earnings conference call on March 27, 2002. Then, the complaint alleges, on April 1, 2002, Adelphia announced that it was requesting an extension to file its Annual Report on Form 10-K with the SEC. The complaint alleges that the Company reported that the extension was being sought to allow the Company and its outside auditors additional time to review certain accounting matters relating to co-borrowing credit facilities which Adelphia is a party. In response to these negative announcements, the price of Adelphia common stock dropped from $20.39 per share on March 26, 2002, to $13.12 on April 1, 2002. The price of other Adelphia debt securities also materially declined.
If you purchased securities in Adelphia during the Class Period set forth above, you may, no later than June 3, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com. Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, GA, but represents investors in securities class action lawsuits 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 the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca