NEW YORK, May 16, 2002 (PRIMEZONE) -- According to by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action lawsuit against Adelphia Communications Corporation ("Adelphia" or the "Company") (Nasdaq:ADLAE), on behalf of those persons or entities who purchased the common stock of Adelphia during the period from April 2, 2001 through March 26, 2002, inclusive (the "Class Period"), shareholders have until Monday June 3, 2002 to seek appointment by the Court as one of the lead plaintiffs in this action.
The lawsuit charges that Adelphia manipulated its financial statements whereupon it misrepresented the Company's earnings and financial results, thereby artificially inflating the Company's stock price by improper accounting practices.
On March 27, 2002, the Company disclosed that in conjunction with fiscal 2001 financial results, Adelphia was liable for at least $2.3 billion in debt related to the co-borrowing guarantees entered into with Highland Holdings, a third party controlled by the defendants. Following the announcement, the price of Adelphia common stock fell to $16.70 per share, a loss of approximately 20% of the value of the stock from the previous trading day. During the Class Period, Adelphia's shares traded as high as $45 per share.
If you purchased the common stock of Adelphia during the Class Period, you have until Monday June 3, 2002, to ask the Court to appoint you as one of the lead plaintiffs for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.