NEW YORK, April 25, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was filed on April 18, 2002 in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of NTL, Inc. ("NTL" or the "Company") (NYSE:NLI) between August 9, 2000 and November 29, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of false and misleading press releases concerning NTL's financial condition and business prospects. The complaint alleges, throughout the Class Period, that NTL failed to disclose (a) that the Company was unable to effectively integrate its acquisitions and, as a result was experiencing substantial difficulties in operating its business; (b) that the Company was not fully funded until 2003, and as a result of its massive debt burden would necessarily have to restructure its debt; (c) that the Company was under reporting churn rates by failing to report terminations and by continuing to bill customers for accounts which they had terminated, thereby creating the false impression that the Company was retaining customers longer and that migrations were decreasing; and (d) that the Company was improperly delaying the writedown of billions of dollars of impaired assets, thereby inflating the Company's operating results.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired NTL securities between August 9, 2000 and November 29, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Class Action" section of our website at www.faruqilaw.com
If you purchased NTL securities during the Class Period, you may, not later than June 18, 2002, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail (Avozz@faruqilaw.com)
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca