PHILADELPHIA, March 8, 2002 (PRIMEZONE) -- On February 1, 2002, the law firm of Berger & Montague, P.C. (http://www.bergermontague.com) filed a class action suit against Williams Companies, Inc. ("WMB") (NYSE:WMB) and Williams Communications Group, Inc. ("WCG") (NYSE:WCG) and certain of their principal officers and directors in the United States District Court for the Northern District of Oklahoma on behalf of all persons or entities who purchased WMB or WCG securities between July 24, 2000 and January 29, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that defendants issued materially false and misleading statements and failed to disclose material information regarding the spin-off of WCG from WMB, the accounting and financial impact of the contingent liabilities retained by WMB, and the nature of the assets and liabilities of WCG, causing the common stock of both companies to trade at artificially inflated prices. On January 29, 2002, WMB shocked the market by announcing that it would be delaying the release of its 2001 earnings "pending an internal assessment of Williams' contingent obligations to Williams Communications." According to the press release, WMB "expects to be able to estimate the financial effect, if any, regarding its ultimate obligation related to WCG's $1.4 billion debt and network lease agreement covering assets that cost $750 million." In response to WMB's announcement, the price of WMB common stock, which was already substantially eroded from its prior year's high, declined sharply, falling from approximately $24 per share to as low as $18.70 per share, and the already depressed WCG common stock declined to as low as $1.30 per share.
If you purchased WMB or WCG securities during the period from July 24, 2000 through January 29, 2002, inclusive, you may, no later than April 1, 2002, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in WMB or WCG securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"...[Y]ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ... I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you purchased WMB or WCG securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esquire
Michael T. Fantini, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net
More information on this and other class actions is available on the Class Action Newsline at www.primezone.com/ca