BALA CYNWYD, Pa., April 29, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Western District of Wisconsin on behalf of all purchasers of the common stock of Alliant Energy Corp. ("Alliant" or the Company") (NYSE:LNT) from January 29, 2002 through July 18, 2002, inclusive (the "Class Period").
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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Alliant and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the "Exchange Act"). More specifically, the complaint alleges that during the class period, defendants issued false and misleading statements to the marketplace that artificially inflated the price of Alliant's shares. The complaint further alleges that the Company inaccurately boasted of the performance of its non-regulated businesses and represented that those businesses would enhance the Company's 2002 financial outlook. Specifically, defendants knew or should have known that its non-regulated businesses were suffering from serious problems; that its non-regulated businesses operated as a financial strain on the Company's overall financial results and could not compensate for any weaknesses in its regulated businesses; and that the Company, in earnest, still heavily relied on its utilities businesses for earnings even though the Company reported otherwise.
On July 18, 2002, the Company, unexpectedly, issued a press release entitled: "Alliant Energy Updates 2002 Adjusted Earnings Guidance, Affirms Dividend Commitment And Issues Initial 2003 Adjusted Earnings Guidance." Therein, the Company announced that it was lowering its 2002 adjusted earnings guidance to a range of $1.35 - $1.55 per diluted share from its previous guidance of $2.10 - $2.30. Market reaction to this news was swift. Alliant's stock experienced a sharp 23% decline and closed at $18.22 per share on July 19, 2002. After the close of the Class Period, the Company, on November 22, 2002, issued a press release wherein it stated that it would shift its operations to less aggressive growth targets primarily driven by its utility operations and sell many of its non-regulated businesses.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.
If you are a member of the class described above, you may, not later than June 23, 2003, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca