PHILADELPHIA, Feb. 24, 2004 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com) announces that a class action lawsuit, numbered 04cv 1166, was commenced in the United States District Court for the Central District of California, against defendants The Walt Disney Company ("Disney")(NYSE:DIS) and Michael Eisner (President and CEO) on behalf of all persons who sold the securities of Walt Disney Company ("Disney" or the "Company") during the period February 9, 2004 through February 10, 2004 (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The case is presiding before the Honorable Ronald S. W. Lew.
The Complaint alleges that defendants violated the federal securities laws by failing to disclose that Comcast Corp.'s CEO had approached Disney with an offer to merge Disney with Comcast for approximately $47 billion. The complaint charges that Disney and Eisner violated Section 10(b) of the Securities Exchange Act or 1934 (the "Exchange Act") and SEC Rule 10b-5 by omitting to disclose the offer from Comcast and charges Michael Eisner with violating Section 20(a) of the Exchange Act.
After the public learned about the Comcast merger proposal on February 11, 2004, the price of Disney's common stock increased significantly.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross of Law Offices Bernard M. Gross at 866-561-3600(toll-free) or via e-mail at susang@bernardmgross.com. If you are a member of this class, you can view a copy of the complaint as filed at http://www.bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you sold your shares of the securities of Disney between February 9, 2004 and February 10, 2004 and sustained damages, you may, no later than April 20, 2004, file a motion to be appointed lead plaintiff, if you so choose. Law Offices Bernard M. Gross, P.C. which has significant experience and expertise in prosecuting class actions and has recently filed cases in the following:
Lead Plaintiff
Company Symbol Class Period Filing Deadline
Biopure Corp. BPUR - Nasdaq 3/17/03-12/24/03 03/01/2004
Ibis Tech. Corp. IBIS - Nasdaq 10/02/03-12/12/03 03/05/2004
Interpool, Inc. IPLI.PK - Pink 3/27/01-12/29/03 04/05/2004
Sheets
Wave Systems WAVX - Nasdaq 7/31/03-12/18/03 04/05/2004
Corporation
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.