NEW YORK, May 21, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of purchasers of Sara Lee Corporation ("Sara Lee" or the "Company")(NYSE:SLE) securities, between August 1, 2002 to April 24, 2003, inclusive (the "Class Period").
If you purchased Sara Lee securities during the Class Period, you may, no later than July 14, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between June 22, 1998 and April 9, 2003. Due to these misrepresentations, the price of Sara Lee securities became artificially inflated. Specifically, the Company failed to disclose that: 1) a great number of the Company's business units were underperforming; 2) the underperforming businesses caused the growth rate of the Company to fall below the rate represented to the market; 3) the Company did not recognize those underperforming businesses or brands because of inadequate internal and financial controls; and 4) the Company lacked a reasonable basis to calculate, for fiscal year 2003, a "double-digit operating income increase" between its "five lines of business," and a diluted EPS of between $1.54 to $1.60.
On April 24, 2003, Sara Lee announced its third quarter financial results. Although earning were expected to be $1.59 per share, the Company reduced them $1.50 to $1.59 per share. Consequently, the price of Sara Lee common stock declined by 10%.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Sara Lee securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
Peter D. Bull, Esq., Joshua M. Lifshitz, Esq., 18 East 41st Street New York, NY 10017 (212) 213-6222
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca