BALA CYNWYD, Pa., April 16, 2003 (PRIMEZONE) -- The following statement was issued today by the law firms of Schiffrin & Barroway, LLP and Milberg Weiss Bershad Hynes & Lerach LLP:
On January 3, 2003, Milberg Weiss Bershad Hynes & Lerach LLP ("Milberg Weiss"), on behalf of its client, filed a securities action lawsuit in the United States District Court for the Western District of Texas, El Paso Division, on behalf of all purchasers of the common stock of El Paso Electric Company (NYSE:EE) ("El Paso" or the "Company") from February 14, 2000 through October 21, 2002, inclusive (the "Class Period"). On February 10, 2003, Schiffrin & Barroway, LLP, on behalf of its client, filed a complaint against El Paso and certain of its officers alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, defendants are alleged to have engaged in improper transactions from which the Company was able to generate and artificially inflate its revenue during the Class Period.
Pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), anyone who bought El Paso securities during the Class Period who desired to serve as lead plaintiff needed to file a lead plaintiff motion by March 18, 2003 -- 60 days after the date (January 17, 2003) on which notice of the securities class action was first issued. Only Milberg Weiss and Schiffrin & Barroway, on behalf of their respective clients, filed such motions. Currently pending is a joint stipulation and proposed order seeking to consolidate the actions, appoint lead plaintiffs and approve lead counsel.
Accordingly, the deadline for moving to be appointed as lead plaintiff in this action has already expired. Any notices to the contrary should be disregarded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact either Schiffrin & Barroway, LLP (Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com or Milberg Weiss Bershad Hynes & Lerach LLP (Steven G. Schulman, Esq.) Toll free at 1-800-320-5081, or via e-mail at elpasocase@milbergNY.com.
CONTACT: Schiffrin & Barroway, LLP Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at info@sbclasslaw.com Milberg Weiss Bershad Hynes & Lerach LLP Steven G. Schulman, Esq. One Pennsylvania Plaza, 49th Floor, New York, NY 10119-0165 1-800-320-5081 Or by e-mail at elpasocase@milbergNY.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca