NEW YORK, Oct. 25, 2004 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of American International Group, Inc. ("AIG" or the "Company")(NYSE:AIG), between October 28, 1999 and October 13, 2004, inclusive (the "Class Period").
If you purchased AIG securities during the Class Period, you may, no later than December 14, 2004, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To participate in this class action as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html. You may return it to us via facsimile to (212) 213-9405.
The Complaint alleges that defendant violated the Securities Exchange Act by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of AIG securities. Throughout the Class Period, AIG reported increased sales and overall growth and profitability in publicly disseminated press releases and SEC filings, and forecasted positive earnings and revenue targets.
Defendants managed to report quarter after quarter of record financial growth because, unbeknownst to investors, Defendants failed to disclose and misrepresented the following adverse facts: (a) the Company had implemented and executed an unsustainable business practice whereby the Company participated in a business plan under which it entered into "placement service agreements" with Marsh & McLennan and agreed to pay them "contingent commissions" in return for steering it business and shielding it from competition; (b) the Company's illicit scheme exposed it to significant regulatory penalties and threatened loss of consumer goodwill jeopardizing the Company's ability to sustain any performance in its legitimate business practices; (c) the Company's revenues and earnings would have been significantly less had the Company not engaged in such unlawful practices.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of AIG 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 Joshua M. Lifshitz, Esq. or Christine A. Giovannelli, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca