CHICAGO, May 30, 2003 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that it has sued Alliant Energy Corporation (NYSE:LNT) ("Alliant" or the "Company") and certain of its officers and directors in the United States District Court for the Western District of Wisconsin. The shareholder lawsuit is on behalf of all persons and entities who purchased Alliant securities between January 29, 2002 and July 18, 2002, inclusive ("Class Period").
If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Alliant.
The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Alliant securities. Specifically, the Complaint 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. 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 titled: "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.
If you purchased Alliant securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than June 23, 2003. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca