NEW YORK, Aug. 28, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all behalf of all persons: (i) who purchased, converted, exchanged or otherwise acquired the publicly traded securities of America Online, Inc. ("AOL") (NYSE:AOL) between July 19, 1999 and January 10, 2001; or (ii) all persons who purchased, converted, exchanged or otherwise acquired the publicly traded securities of AOL Time Warner, Inc. ("AOL Time Warner") between January 11, 2001 and July 17, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning AOL's financial results and business prospects. Specifically, the complaint alleges that, during the class period, defendants misrepresented to the public: (i) the true nature and amount of revenues derived from online advertising (which defendants overstated in contravention of Generally Accepted Accounting Principles); and (ii) the synergies from, and financial effects of, the merger with Time Warner. As disclosed by the Washington Post on July 18, 2002, and as detailed in the complaint, AOL inflated its publicly-reported on-line advertising revenues through a variety of accounting mechanisms that transformed other transactions (such as legal settlements, barter transactions, one-time penalty charges, and revenues in fact destined for other companies) into purported on-line advertising revenue earned by AOL. As a result, the price of AOL and AOL Time Warner securities were artificially inflated throughout the Class Period.
The lawsuit seeks to recover losses suffered by investors who acquired AOL and/or AOL Time Warner securities during the class period, excluding the defendants and their affiliates. If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased AOL and/or AOL Time Warner securities during the Class Period, you may, not later than September 16, 2002, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca