NEW YORK, July 22, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) filed a class action lawsuit in the United States District Court for the Northern District of Illinois against Nicor Inc. ("Nicor" or the "Company") (NYSE:GAS) and two of the Company's senior officers on behalf of investors who purchased or otherwise acquired the securities of Nicor during the period from January 24, 2002 through July 18, 2002, inclusive (the "Class Period"). The lawsuit charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements and press releases concerning the Company's publicly reported earnings.
After the market closed on July 18, 2002 Nicor issued a press release announcing it may restate prior results in response to improprieties at its gas business. The Company indicated that the Illinois Commerce Commission and other governmental agencies are investigating allegations that the gas distribution business acted improperly in connection with a performance-based rate program. Also according to the press release, reported results for the six months ended June 30, 2002 were negatively impacted by accounting irregularities at a retail energy marketing joint venture which is 50% owned by the Company and 50% owned by Dynegy Inc.
If you purchased the common stock of Nicor during the Class Period, you have until September 20, 2002 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca