PITTSBURGH, March 8, 2002 (PRIMEZONE) -- A federal lawsuit filed on behalf of investors charges The PNC Financial Services Group, Inc. (NYSE:PNC), two top officers and its auditor with using improper accounting to inflate earnings, Berman DeValerio Pease Tabacco Burt & Pucillo said today.
The class action was filed February 8, 2002 in the U.S. District Court for the Western District of Pennsylvania and seeks damages for violations of federal securities laws on behalf of all investors who bought PNC stock from July 19, 2001 through January 28, 2002 (the Class Period).
Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, visit the firm's Website at www.bermanesq.com.
The complaint accuses PNC, a Pittsburgh-based financial services company, of using improper accounting methods to inflate earnings reports and subsequently releasing those figures to the public. The complaint also names two top officers and the company's auditor, Ernst & Young, as defendants. On January 29, 2002, PNC revealed that the Federal Reserve Board had ordered the company to restate its financial results for the second and third quarters of 2001 and revise its fourth quarter 2001 numbers. According to the complaint, the Board ordered the restatement because of PNC's apparent failure to comply with Generally Accepted Accounting Principles during the Class Period by failing to consolidate into its financial reports three financial firms in which PNC had interests.
The complaint said the restatements inflated PNC's net income during the Class Period by $155 million, or 27%, and reduced PNC earnings by that amount for the year ended December 31, 2001. PNC stock quickly fell 12% the day after it announced the restatement, the complaint added.
If you purchased PNC common stock during the period July 19, 2001 through January 28, 2002, you may wish to contact the following attorney at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests:
Chauncey D. Steele IV, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
You may also visit the firm's website at www.bermanesq.com.
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than April 2, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 32 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.