NEW YORK, July 9, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of Delaware on behalf of all sellers of IBP, Inc. ("IBP" or the "Company") (NYSE:IBP) common stock between March 29, 2001 and June 15, 2001, 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 Tyson Foods, Inc. ("Tyson" or the "Company") with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that on March 29, 2001, Tyson announced it was terminating the proposed merger between Tyson and IBP (the "Merger") because Tyson was inappropriately induced to enter into the Merger Agreement by relying upon misleading information furnished by IBP concerning an SEC comment letter and the financial results at an IBP subsidiary. Immediately following Tyson's announcement, the price of IBP's common stock plummeted in after-hours trading from $22.79 to $14.89 per share, a 35% decline. On June 15, 2001, however, in an action brought by IBP shareholders, In re IBP, Inc. Shareholders Litigation, Consolidated Civil Action No. 18373 (Del. Ch., June 15, 2001), the Court concluded that Tyson's decision to withdraw from the merger had nothing to do with the SEC comment letter or the problems at IBP's subsidiary.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who sold IBP stock between March 29, 2001 and June 15, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
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 sold IBP securities during the Class Period, you may, not later than August 21, 2001, 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.
SHANE ROWLEY, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
e-mail Avozz@faruqilaw.com
Srowley@faruqilaw.com
www.faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca