LITTLE ROCK, Ark., Jan. 9, 2002 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Western District of New York on behalf of purchasers of Corning, Inc. ("Corning" or the "Company") (NYSE:GLW) common stock or zero coupon convertible debentures of Corning pursuant to a prospectus dated November 3, 2000. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr/corning.pdf.
The complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus (collectively, the "Prospectus") in connection with Corning's offering of common stock and debentures in November 2000 (the "Offering"). Specifically, the complaint alleges that the Prospectus was materially false and misleading, among other reasons, because it stated that demand for the Company's products was robust, because it failed to disclose that the Company was amassing hundreds of millions of dollars of obsolete inventory that would have to be written-off, and because, given the foregoing, the projection of 25% earnings growth in 2001, contained in the Prospectus, was lacking in a reasonable basis at all times. On July 10, 2001, the Company announced it was taking a $5.1 billion charge primarily related to two recent acquisitions, that it would also write-off $300 million in excess and obsolete inventory, and that it would cut 1,000 jobs and close three plants. On July 25, 2001, the Company reported a massive second-quarter loss of $4.76 billion, or $5.13 per share. Corning's shares closed that day at $13.77, down 80% from the Offering price.
If you bought the securities of Corning pursuant to the Prospectus, and you wish to serve as lead plaintiff, you must move the Court no later than February 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.