MINNEAPOLIS, Oct. 4, 2006 (PRIMEZONE) -- Charles H. Johnson today announced that it has commenced an investigation against Oneida Ltd. ("Oneida" or the "Company") for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Oneida stock by the Oneida Ltd. 401K Savings Plan and the Oneida Ltd. Employee Stock Ownership Plan (the "Plans").
Charles H. Johnson's investigation focuses on concerns that Oneida and the Plans' administrators may have breached their fiduciary duties of loyalty and prudence to the Plans' participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plans' assets, by among other things, offering Oneida stock as a Plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plans' participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of company stock in the Plans.
If you are a member of the Oneida Ltd. 401K Savings Plan and/or the Oneida Ltd. Employee Stock Ownership Plan and purchased or held Oneida stock through one of the Plans, or have any questions concerning this notice or your rights with respect to this matter, please contact Charles H. Johnson & Associates.