LITTLE ROCK, Ark., Dec. 17, 2002 (PRIMEZONE) - According to The Law Firm of Cauley Geller Bowman & Coates, LLP, the deadline for purchasers of Comerica, Inc. ("Comerica" or the "Company") (NYSE:CMA) common stock to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching.
If you purchased Comerica common stock between January 30, 2000 and October 1, 2002, inclusive (the "Class Period"), and/or received shares of Comerica, Inc. as a result of Comerica's acquisition of Imperial Bancorp and sold those shares at a loss or retained your Comerica holdings through October 1, 2002, and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Eastern District of Michigan by December 23, 2002. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/library/user_images/comerica.pdf.
The complaint, filed by a client of Cauley Geller, charges Comerica and certain of its executive officers with issuing false and misleading statements concerning the Company's business and financial condition. Specifically, the complaint alleges that Defendants artificially inflated Comerica's revenue by overstating the value of its Munder Capital Management subsidiary and under-accruing Comerica's loan loss reserves. Defendants' material misrepresentations and omissions were revealed on October 2, 2002, when the Company disclosed that Comerica would reduce its second- and third-quarter 2002 earnings, reflecting a $213 million after-tax charge for additional loan loss reserves and the decline in the Munder subsidiary's value.
If you bought Comerica common stock between January 30, 2000 and October 1, 2002, inclusive, and/or received shares of Comerica, Inc., as a result of Comerica's acquisition of Imperial Bancorp and sold those shares as a loss or retained your Comerica holdings through October 1, 2002. and you wish to serve as lead plaintiff, you must move the Court no later than December 23, 2002. If you are a member of this class, you can join this class action online at http://cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock, and San Diego.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Heather Gann or Sue Null P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@cauleygeller.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca