NEW YORK, July 24, 2002 (PRIMEZONE) -- In a class action complaint filed in the United States District for the Southern District of New York, Wolf Popper LLP has charged AOL Time Warner, Inc. (NYSE:AOL), with violations of the federal securities laws. The lawsuit is seeking monetary damages on behalf of all persons who purchased or otherwise acquired the securities of AOL during the period October 19, 2000 through July 17, 2002, inclusive (the "Class Period").
The Complaint alleges that during the Class Period AOL recognized revenue on a variety of transactions in violation of generally accepted accounting principles in an effort to mask the decline in advertising revenues. The true facts were disclosed to investors, only after AOL common stock plummeted in value by more than 70% from its trading price at the beginning of the Class Period ($46.91) to its trading price at the end of the Class Period. When the true facts concerning AOL's recognition of revenue in violation of GAAP were revealed in a Washington Post article on July 18, 2002, AOL shares declined an additional 10 %, to close on July 18, 2002 at $12.45.
Wolf Popper LLP has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. For more information about Wolf Popper and to review a copy of the Complaint, please visit the firm's website at: www.wolfpopper.com.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than September 16, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in serving as a lead plaintiff, you may call or write:
Michael A. Schwartz, Esq. - Telephone: 212.759.4600 Abigail Kowaloff, Investor Relations - Toll Free: 877.370.7703 WOLF POPPER LLP 845 Third Avenue New York, NY 10022-6689 212.759.4600 Facsimile: 877.370.7704 E-Mail: IRRep@wolfpopper.com Website: http://www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca