BALA CYNWYD, Pa., Aug. 15, 2002 (PRIMEZONE) -- A pending class action charges Nicor Inc. ("Nicor") (NYSE:GAS) with misleading investors about its business and financial condition according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Northern District of Illinois. Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased Nicor Inc. securities between January 24, 2002 and July 18, 2002(the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Nicor Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Illinois-based Nicor Inc. reported false financial results and made false statements about Nicor's finances, business and prospects, including the Company's handling of its gas cost performance-based rate ("PBR") program and that the Company manipulated its results through the PBR program in order to inflate the Company's operating performance, causing the Company's stock to trade at artificially inflated levels. Nicor has now admitted that its revenue and earnings for at least the 1stQ 2002 were materially overstated and will have to be restated.
If you purchased Nicor Inc. securities between January 24, 2002 and July 18, 2002, you may be a member of the class and have until September 20, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.