ATLANTA, April 30, 2003 (PRIMEZONE) -- Chitwood & Harley LLP announces that a class action lawsuit is pending in the United States District Court for the Western District of Wisconsin, against Alliant Energy Corporation, ("Alliant" or the "Company"), (NYSE:LNT), and certain of its officers and directors. The suit was filed on behalf of purchasers of the securities of Alliant Energy between January 29, 2002 and July 18, 2002, inclusive ("Class Period").
If you would like to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Jennifer Morris at 1-888-873-3999, extension 6883 or by email at jlm@classlaw.com.
The complaint brings claims under the Securities Exchange Act of 1934 against Alliant Energy Corporation and certain of its officers and directors charging them with issuing false and misleading statement concerning Alliant's business and financial condition. Specifically, the complaint alleges that defendants issued numerous press releases in which they falsely touted the performance of Allaint's non-regulated businesses and represented that those businesses would compensate for expected 2002 weakness in its utilities operations.
The complaint further alleges that the Company also represented that its unregulated businesses were integral to the Company's operations and were key to the Company's expected annual growth rate of 7%-10%. Such statements were materially false and misleading when made, the complaint alleges, because defendants knew, or were reckless in not knowing, that the unregulated businesses were suffering from serious problems, that such businesses were a material drain on the Company overall and could not compensate for any weaknesses in the regulated businesses and that the Company could not meet its 2002 earnings targets by the results of its utilities businesses alone.
On July 18, 2002, Alliant Energy shocked the market by announcing that it was cutting its 2002 earnings expectations by over 35%. The market reacted swiftly to this news, pushing the price of Alliant Energy down from a close of $23.78 per share on July 18, 2002, to $18.22 per share on July 19, a drop of over 23%, on unusually heavy trading volume. A few months after the end of the Class Period, the Company announced that it would sell many of its non-utility assets as part of an effort to refocus its business around the Company's utilities operations.
Chitwood & Harley LLP is currently investigating these claims. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Lauren Antonino, Esq. or Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website, www.classlaw.com by clicking on Alliant Energy Corporation. If you would like to serve as lead plaintiff, you must meet certain requirements that we would be happy to discuss with you. The deadline for filing papers is June 23, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member. A complaint is available from the court or can be emailed to you upon request.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in the highest recovery last year in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca