BALA CYNWYD, Pa., Dec. 3, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits on behalf of shareholders of DQE, Inc., Intel Corp., Sirius Satellite Radio, Inc. and ShopKo Stores, Inc. for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002 or by e-mail at info@sbclasslaw.com.
DQE, INC. (NYSE:DQE) (Class Period: 12/06/00 - 04/30/01). The complaint charges DQE and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges DQE issued positive statements concerning the significant and positive impact that DQE Enterprises, Inc. ("DQE Enterprises"), the Company's investment subsidiary, was having, and would continue to have, on DQE's financial results.
During this time, the market for initial public offerings had dramatically slowed down. Accordingly, the ability of the companies in DQE Enterprises' investment portfolio to go public was substantially impaired. Defendants, however, issued a stream of positive statements concerning the Company's operations and prospects, but failed to disclose the impaired nature of DQE Enterprises' investments and that the Company would not realize the investment gains that defendants had caused the market to expect. As a result, defendants' estimates, projections and opinions as to the Company's operations, products, earnings and income were knowingly lacking in a reasonable basis at all relevant times. This information finally became publicly known on April 30, 2001, when DQE reported its earnings for the first quarter of 2001 and revised its earnings outlook for the full year, based in part, on the weakened outlook for DQE Enterprises. In response to this negative announcement, when trading resumed on May 1, 2001, the price of DQE common stock dropped from $30.43 per share to $23.75 per share on extremely heavy trading volume. The complaint was filed in the U.S. District Court for the Western District of Pennsylvania. The lead plaintiff motion must be filed no later than December 5, 2001.
INTEL CORP. (Nasdaq:INTC) (Class Period: 07/19/00 - 09/29/00) The complaint charges Intel and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that as a result of Intel's extraordinarily bullish statements and assurances during 7/00-8/00, on 8/28/00, Intel's stock hit its all-time high of $75-13/16. But the positive statements about the strong demand for Intel's products, Intel's improved manufacturing processes and efficiencies, the successful development and introduction of its Pentium III microprocessor, the successful development of the Pentium IV, Itanium and Timna chips and the outlook for Intel's 3rdQ 00 results, issued from 7/18-19/00 through the Intel Developer Forum, were false.
On 9/29/00, Intel admitted it was canceling its Timna chip (due to technical development problems and a lack of market demand) and told customers it was delaying shipment of its Pentium IV and Itanium chips due to design and development problems. Intel's stock dropped, falling to as low as $35-3/8. Thus, in just over five weeks, Intel's stock dropped from its all-time high of $75-13/16 on 8/28, to its lowest price in years, $35-3/8, a market cap loss of $271 billion, wiping out 50% of Intel's stock value. The complaint was filed in the U.S. District Court for the Northern District of California. The lead plaintiff motion must be filed no later than December 8, 2001.
SIRIUS SATELLITE RADIO, INC. (Nasdaq:SIRI) (Class Period: 02/17/00 - 04/02/01). The complaint charges Sirius Satellite Radio, Inc. and certain of its officers and directors with violating the federal securities laws by failing to disclose facts know to them, or recklessly disregarded by them, which demonstrated that the announced commercial launch dates for the Company's satellites required for the Company's service, published throughout the Class Period, were impossibly ambitious. Defendants knew, or recklessly disregarded, that it would be possible for the Company to offer its service commercially by the end of 2000, as initially disclosed, or early in 2001, as subsequently disclosed. The Complaint alleges that at all times during the Class period Defendants issued materially false and misleading statements and press releases concerning when the Company's service would be commercially available, which caused the market price of Sirius common stock to be purchasing shares of Sirius common stock at artificially inflated prices, Plaintiff and the Class have suffered damages. The complaint was filed in the United States District Court for the District of Vermont, 11 Elmwood Avenue, Burlington, Vermont. The lead plaintiff motion must be filed no later than December 8, 2001.
SHOPKO STORES, INC. (NYSE:SKO) (Class Period: 03/09/00 - 11/09/00). The complaint charges ShopKo and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants issued statements concerning the integration of Pamida Holding Corp. ("Pamida"), ShopKo's financial results and the Company's prospects. The complaint further alleges that these statements were materially false and misleading because they failed to disclose, among other things, that ShopKo was experiencing significant shipping and inventory control problems at Pamida's distributions centers. On November 9, 2000, ShopKo issued a press release announcing its earnings for the third quarter of 2000 reporting a loss of ($0.23) per share -- far below the $.02 to $.07 per share previously represented by the Company -- and revealed that the Company was experiencing problems at Pamida's distribution centers and that those problems accounted for ShopKo's reduced earnings. The complaint was filed in the United States District Court for the Eastern District of Wisconsin. The lead plaintiff motion must be filed no later than December 10, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at 888-299-7706.
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.