BALA CYNWYD, Pa., Oct. 8, 2002 (PRIMEZONE) -- Shareholders of Household International, Inc. ("Household") (NYSE:HI) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in Illinois (02-C-5934) must submit an application with the Court by October 18, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Household International, Inc. securities between October 23, 1997 and August 14, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Household International, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that Household International, Inc. during the Class Period, defendants caused Household's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements by, among other things, failing to properly amortize the Company's co-branding agreements, and failing to record its expenses associated with its marketing initiatives. In addition, the defendants improperly "re-aged" Household's accounts, thereby concealing the Company's actual delinquency ratios.
If you purchased Household International, Inc. securities between October 23, 1997 and August 14, 2002, you may be a member of the class and have until October 18, 2002, to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca