NEW YORK, March 25, 2003 (PRIMEZONE) -- Wechsler Harwood LLP announces that a class action lawsuit was filed on behalf of those individuals who purchased or otherwise acquired the common stock of Sprint FON Group (NYSE:FON) and PCS Group ("PCS") (NYSE:PCS) (collectively, "Sprint" or the "Company") between August 11, 2000 and February 13, 2003, inclusive (the "Class Period")
The Complaint was filed in the United States District Court for the District of Kansas against defendants Sprint, Ernst & Young LLP, William Esrey and Ronald Lemay. A copy of the Complaint is available from the Court or can be viewed on the Wechsler Harwood website at www.whesq.com.
The Complaint charges that defendants violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market. Specifically, the Company's press releases and SEC filings overstated the Company's earnings and net assets by failing to reserve for the likely reversal of over $100 million in tax benefits attributable to highly questionable tax shelters used by Sprint's executive officers. The Complaint further alleges that defendants failed to reveal that these tax shelters caused a conflict of interest between the executives, Sprint and Sprint's accountants, Ernst & Young.
If you purchased securities during the Class Period, you may, no later than April 15, 2003, move to be appointed as a lead plaintiff in this class action. 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. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Ramon Pinon, extension 283 Wechsler Harwood Shareholder Relations Department: rpinon@whesq.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca