NEW YORK, April 10, 2002 (PRIMEZONE) -- Adelphia Communications Corporation ("Adelphia" or the "Company") (Nasdaq:ADLAC) manipulated its financial statements whereupon it misrepresented the Company's earnings and financial results, thereby artificially inflating the Company's stock price by improper accounting practices, according to allegations in a Complaint filed by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) on behalf of purchasers of the common stock of Adelphia during the period from April 2, 2002 through March 26, 2002, inclusive (the "Class Period"). The case was filed in the United States District Court for the Eastern District of Pennsylvania. Defendants Adelphia and five of the Company's senior officers are charged with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 27, 2002, the Company disclosed for the first time in conjunction with fiscal 2001 financial results that Adelphia was liable for at least $2.3 billion in debt related to the co-borrowing guarantees entered into with Highland Holdings, a third party controlled by the defendants. Following the announcement, the price of Adelphia common stock fell to $16.70 per share, a loss of approximately 20% of the value of the stock from the previous trading day. During the Class Period, Adelphia's shares traded as high as $45 per share.
If you purchased the common stock of Adelphia during the Class Period, you have until June 3, 2002, to ask the Court to appoint you as one of the lead plaintiffs for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca