NEW YORK, Jan. 23, 2006 (PRIMEZONE) -- The law firm of Roy Jacobs & Associates announces that it has been retained to file a class action lawsuit against The Mills Corporation, (NYSE:MLS) ("Mills" or the "Company"), The Mills Limited Partnership, and certain of its officers, on behalf of purchasers of Mills common stock between August 14, 2003 through and including January 6, 2006 (the "Class Period"). You may contact Roy Jacobs & Associates toll free at 1-888-884-4490 or at CLASSATTORNEY@PIPELINE.COM.
The lawsuit will allege that Mills violated federal securities laws by issuing false or misleading public statements. Specifically, it will be alleged that Mills and various of its officers overstated the Company's net income and funds from operations in violation of accounting rules and misrepresented the adequacy and quality of its internal controls over financial reporting. The action will be filed in the United States District Court for the Eastern District of Virginia.
On October 31, 2005, Mills announced that its third quarter results would be delayed because the company needed additional time to review its accounting, and further announced the Company expected results to be lower than initially anticipated. The Company then reported markedly lower financial results for the Third Quarter 2005.
Thereafter, Mills announced a list of bad news, including the need to restate its financial results for fiscal year 2000 through the third quarter of 2005; and that it would write off ten predevelopment business projects, and incur a charge to earnings of $71 million. This was the second time in a little over a year that the Company was forced to restate its financial statements. Prior to the release of all of the bad news, Company insiders sold millions of dollars worth of Mills stock at prices in the $50 range.
From October 31, 2005 to January 20, 2006, the price of Mill shares dropped over 28 percent, wiping out over $800,000,000 of shareholder value.
If you purchased Mills securities during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased Mills securities from August 14, 2003 through and including January 6, 2006. Motions for appointment to the Lead Plaintiff position must be filed no later than March 21, 2006. You are not required to have sold your Mills shares in order to claim damages, or to serve in this role.
Please feel free to contact Roy Jacobs & Associates to discuss the pending action, and your rights in this matter.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca