NEW YORK, Feb. 26, 2002 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of Texas on behalf of all purchasers of Hanover Compressor Company ("Hanover" or the "Company") (NYSE:HC) securities between November 8, 2000 and January 28, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's Website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Hanover's financial results and business prospects. Specifically, the complaint alleges that defendants failed to disclose facts relating to a partnership in which it had an equity interest, including that it used income from that partnership to overstate revenue and income for the third quarter and fourth quarters of fiscal 2000. Moreover, it is also alleged that the Company was engaged in improper and/or suspect accounting practices which affected the accuracy of its financial results and that, contrary to the statements filed with the SEC during the Class Period, Hanover's financial statements issued during the class period were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). As a result, the price of the Company's securities were artificially inflated throughout the Class Period.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Hanover securities between November 8, 2000 and January 28, 2002, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our Website at www.faruqilaw.com
If you purchased Hanover securities during the Class Period, you may, not later than April 5, 2001, move the court to serve as lead plaintiff of the class, if you so choose. In order 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, please contact:
ANTHONY VOZZOLO, ESQ.
FARUQI & FARUQI, LLP
320 East 39th Street
New York, NY 10016
Telephone: (877) 247-4292 or (212) 983-9330
e-mail Avozz@faruqilaw.com
www.faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca