LOS ANGELES, May 16, 2003 (PRIMEZONE) -- Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") consisting of all persons who purchased securities of Sara Lee Corporation ("Sara Lee" or the "Company")(NYSE:SLE) between August 1, 2002 and April 24, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Sara Lee and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements concerning the Company's business operations and financial performance caused Sara Lee's stock price to become artificially inflated, inflicting damages on investors. Sara Lee is a branded consumer packaged goods company, which manufactures and markets products in nearly 200 countries under such well-known name brands as Sara Lee, Jimmy Dean, Chock Full O' Nuts, Hanes, Playtex and Bali. The complaint alleges that, during the Class Period, defendants failed to disclose that (a) despite a "Reshaping program" designed to improve the Company's competitive structure, Sara Lee was burdened with numerous poorly performing businesses, and did not have "the right mix of businesses" in that several material businesses were "not growing" or were "in significant decline"; (b) the Company's underperforming businesses were causing the Company to experience declining results and, as a result, Sara Lee would not be growing at the rates represented to the market; (c) due to a lack of proper internal controls, Sara Lee failed to recognize or identify those businesses or brands among its portfolio of companies that would need to be "run dramatically differently in the future"; and (d) based on the foregoing, Sara Lee lacked any reasonable basis upon which to project that it would experience "double-digit operating income increases" for fiscal 2003 among its "five lines of business" or have diluted EPS for fiscal 2003 in the range of $1.54 to $1.60. On April 24, 2003, Sara Lee shocked the market when it issued a press release announcing is financial results for the period ending March 31, 2002. The Company announced that it was reducing earnings for fiscal 2003 to $1.50 to $1.52 per share, significantly below consensus expectations of $1.59.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 14, 2003, 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 with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
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CONTACT: Glancy & Binkow LLP
Lionel Z. Glancy or Michael Goldberg
(310) 201-9150 or (888) 773-9224
info@glancylaw.com
www.glancylaw.com