LOS ANGELES, June 1, 2006 (PRIMEZONE) -- Yourman Alexander & Parekh LLP, a law firm with extensive experience in prosecuting claims for securities and consumer fraud, announces that a lawsuit seeking class action status has been filed on behalf of shareholders who purchased or otherwise acquired the securities of American Tower Corporation ("American" or the "Company") (NYSE:AMT) during the period February 1, 2006 through May 24, 2006, inclusive (the "Class Period"). The matter is pending in the United States District Court for the District of Massachusetts.
The complaint alleges in part that defendants violated federal securities laws by failing to present the true financial condition of American. It is alleged that the Company's financial statements were false and misleading because insiders of American were engaged in self-dealing through the backdating of options which were granted to them at a favorable price. It is further alleged that as a result of the foregoing, American misstated its earnings and expenses to the investing community. The complaint also claims that once these activities were disclosed, shares of American fell to $30.30 per share on May 24, 2006.
Since a class has not yet been certified, you are not represented by counsel in this matter. If you purchased or acquired American securities from February 1, 2006 through May 24, 2006, inclusive, and suffered a loss, the deadline to move for appointment as Lead Plaintiff is July 31, 2006. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The securities laws require the Court to consider the class member(s) with the largest financial interest, i.e. the largest financial loss, as presumptively the most adequate Lead Plaintiff(s). In order to serve as a Lead Plaintiff, you must meet certain legal requirements. While your ability to share in any recovery is not affected by your decision of whether or not to seek appointment as a Lead Plaintiff, Lead Plaintiffs are responsible for making important decisions which could affect the overall recovery for class members, including decisions concerning settlement.
If you: (i) wish to discuss this action, have information concerning this case, or acquired shares through your American retirement account; (ii) have questions concerning this Notice or your rights or interests with respect to this litigation; or (iii) have any other potential matters that you would care to discuss, please contact Vahn Alexander of Yourman Alexander & Parekh LLP, 3601 Aviation Blvd., Suite 3000, Manhattan Beach, California 90266 by telephone, toll-free at (800) 725-6020, or by email to valexander@yaplaw.com. There will be no obligation or cost to you concerning your inquiry. For more information please visit www.yaplaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca