HOUSTON, May 14, 2002 (PRIMEZONE) -- The Emerson Firm, a securities trial law firm with offices in Houston, Texas announced today that it has filed a class action in the United States District Court for the Southern District of Texas, Houston Division on behalf of purchasers of Dynegy, Inc. (NYSE:DYN) ("Dynegy" or the "Company") common stock during the period between April 17, 2001 and April 25, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the firm.
The complaint charges Dynegy and certain of its officers and directors with violations of the federal securities laws. The complaint alleges, among other things, that during the Class Period defendants (a) made false and misleading public disclosures regarding its cash flows from operations; and (b) failed to disclose information material to investors, including the details of its "Project Alpha," a transaction involving two special purpose entities and a partnership Dynegy created for the purposes of increasing cash flow from operations and decreasing tax costs. As a result of Defendants' misleading statements and omissions during the Class Period, the price of Dynegy common stock traded at artificially inflated prices.
If you bought Dynegy common stock between April 17, 2001 and April 25, 2002 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than June 25, 2002. If you are a member of this class, you can join this class action by contacting Ms. Tanya Autry, at The Emerson Firm Investor Relations Department. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this and was recently appointed by the Court in the Enron ERISA litigation to the Plaintiffs' Counsel Steering Committee prosecuting that litigation for participants and beneficiaries of the various Enron retirement plans. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. Name partner, John Emerson, has practiced in Houston for over 20 years and has many other case pending in the Houston Division of the Southern District of Texas where the Dynegy cases are pending. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca