NEW YORK, March 14, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against PNC Financial Services Group ("PNC") (NYSE:PNC) and certain of the Company's officers and directors in the United States District Court for the Southern District of Pennsylvania. The suit is brought on behalf of all persons or entities who purchased the common stock of PNC between July 19, 2001 and January 29, 2002, inclusive (the "Class Period").
The complaint charges PNC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges, among other things that during the Class Period defendants made false and misleading statements concerning PNC's financial results for the second, third and fourth quarters of 2001. Specifically, defendants improperly stated revenues during those quarters, in violation of GAAP, and "manipulated" PNC's books in order to report revenues, profits and growth rates to the investing public throughout 2001. As a result of defendants' false and misleading statements, and improper accounting practices during the Class Period, the price of PNC common stock traded at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than April 2, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Jonathan K. Levine, Esq. Adam W. Walsh, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca