HOUSTON, Texas, Oct. 3, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm, has filed a class action suit against Household International, Inc. ("Household International" or the "Company") (NYSE:HI), certain of its officers and directors, and Arthur Andersen, LLP, in the United States District Court for the Northern District of Illinois. This suit is brought on behalf of all persons and entities who purchased or otherwise acquired Household International securities between October 23, 1997 and August 14, 2002, inclusive (the "Class Period"). The complaint alleges that defendants violated the federal securities laws by issuing a series of materially false and misleading statements regarding the Company's business, operations and future prospects.
The Class Period begins on October 23, 1997 the date on which Household International announced its third-quarter 1997 results. The Class Period ends on August 14, 2002, the day Household International announced it would restate its prior eight years financials, because it had overstated its net income by $386 million during that period. Specifically, Household International said it would revise the way it had accounted for its MasterCard/Visa co-branding and affinity card relationships, as well as a credit-card marketing agreement with a third party. As a result of the Defendants' false and misleading statements, Household International securities traded at artificially high levels during the Class Period.
If you bought Household International common stock between October 23, 1997 and August 14, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 18, 2002. If you are a member of this class, you can join this class action by calling toll-free or e-mailing the Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, 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 toll-free or e-mail the Firm.
THE EMERSON FIRM Investor Relations Department: Ms. Tanya R. Autry 830 Apollo Lane Houston, Texas 77058 Toll Free: 1-800-663-9817 E-mail: tanya.autry@worldnet.att.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.