WASHINGTON, Aug. 21, 2002 (PRIMEZONE) -- The Law Office Of Mark McNair today announced that a securities class action has been commenced on behalf of shareholders who acquired The Interpublic Group of Companies, Inc. (NYSE:IPG) securities between October 28, 1997 through and including August 13, 2002, inclusive (the "Class Period").
The case is pending in the United States District Court for the Southern District Of New York against Interpublic and certain of its officers and directors.
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of IPG during the Class Period.
On August 5, 2002, Interpublic announced that it would be rescheduling the release of its second quarter 2002 earnings "to accommodate the Audit Committee of its Board of Directors," which was interpreted by the market to potentially involve the Company's accounting. In response to the Company' announcement, investors sold off shares of Interpublic, which dropped $4.69 per share, or 23.8%.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than October 14, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of shares of the stock listed above during the period indicated and want to discuss your legal rights, you may e-mail or call the Law Office Of Mark McNair who will, without obligation or cost to you, attempt to answer your questions. You may contact the Law Office Of Mark McNair at 1101 30th St. N.W. Suite 500, Washington, DC 20007, by calling toll-free 877.511.4717 or 202.872.4717 or by email at mcnair@justice4investors.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca