LOS ANGELES, Aug. 30, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of Arizona on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Allied Waste Industries, Inc. ("Allied Waste" or the "Company") (NYSE:AW) between February 10, 2004 and July 27, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Allied Waste and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Allied Waste's operations and prospects artificially inflated the Company's stock price, inflicting damages on investors. Allied Waste provides collection, transfer, recycling and disposal services for non-hazardous solid waste. The Complaint alleges defendants knew or recklessly disregarded material adverse facts including: (1) the Company's internal growth, which defendants touted as strong, actually was lagging due to poor management execution and the loss of a large contract; (2) defendants had failed to successfully implement the Company's "best practices" initiatives because the Company lacked adequate internal controls; (3) defendants knew or recklessly disregarded that the much-anticipated cyclical volume pickup of trash was not materializing; and (1) as a result of the above, defendants' statements about the Company were lacking in any reasonable basis when made.
On July 27, 2004, Allied Waste posted earnings below analysts' expectations, and a net loss of 7 cents per share. This news caused Allied Waste shares to plummet $2.55 per share, or 20.83 percent, on unusually high trading volume, to close at $9.69 per share on July 28, 2004. This was Allied Waste's biggest drop in five years.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 8, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.