NEW YORK, Jan. 31, 2002 (PRIMEZONE) -- The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on December 7, 2001, on behalf of purchasers of the common stock or zero coupon convertible debentures of Corning, Inc. ("Corning" or the "Company") (Nasdaq:GLW) pursuant to a prospectus dated November 3, 2000. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' Website at: http://www.milberg.com/corning/
The action, numbered 01-CV-6580 (CJS)(F), is pending in the United States District Court, Western District of New York, U.S. Courthouse, 100 State Street, Rochester New York, against defendants Corning, Roger A. Ackerman, Katherine A. Asbeck and James B. Flaws.
The Complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus (collectively, the "Prospectus") in connection with Corning's offering of common stock and debentures in November 2000 (the "Offering"). Specifically, the complaint alleges that the Prospectus was materially false and misleading, among other reasons, because it stated that demand for the Company's products was robust, because it omitted to disclose that the Company was amassing hundreds of millions of dollars of obsolete inventory that would have to be written-off, and because, given the foregoing, the projection of 25% earnings growth in 2001, contained in the Prospectus, was lacking in a reasonable basis at all times. On July 10, 2001, the Company announced it was taking a $5.1 billion charge primarily related to two recent acquisitions, that it would also write-off $300 million in excess and obsolete inventory, and that it would cut 1,000 jobs and close three plants. On July 25, 2001, the Company reported a massive second-quarter loss of $4.76 billion, or $5.13 per share. Corning's shares closed that day at $13.77, down 80% from the Offering price.
If you bought the securities of Corning pursuant to the Prospectus, you may, no later than February 5, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: corningcase@milbergNY.com Website: http://www.milberg.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca