CHICAGO, Aug. 23, 2002 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that class action lawsuits are pending in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of Household International, Inc. (NYSE:HI) ("Household" or the "Company") between October 23, 1997 and August 14, 2002, inclusive ("Class Period").
It has been alleged that Household, William F. Aldinger, Household's Chairman and Chief Executive Officer, and David A. Schoenholz. Household's President and Chief Operating Officer, violated the federal securities laws by issuing a series of materially false and misleading statements to the market, which had the effect of artificially inflating the market price of Household's securities.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Household.
Household is principally a non-operating holding company engaged in three reportable segments: consumer, credit card services and international. The consumer segment includes consumer lending, mortgage services, retail services and auto finance businesses. The credit card services include the domestic MasterCard and Visa credit card business. The Company's international segment includes foreign operations in the United Kingdom and Canada.
According to the allegations, during the Class Period, defendants failed to: (i) properly amortize the Company's co-branding agreements, and (ii) record Household's expenses associated with its marketing initiatives. Defendants also improperly "re-aged" Household's accounts, thereby concealing the Company's actual delinquency ratios. As a result of defendants' activities, Household's shares traded at artificially inflated levels throughout the Class Period.
If you purchased Household securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than October 18, 2002.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.