LOS ANGELES, July 11, 2002 (PRIMEZONE) -- All persons and institutions who purchased securities of Mirant Corporation ("Mirant" or the "Company") (NYSE:MIR) between January 19, 2001 and May 6, 2002, inclusive (the "Class Period"), have until July 29, 2002, 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 LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
Glancy & Binkow LLP filed a Class Action lawsuit in the United States District Court for the Northern District of Georgia, Case No. 102-CV-1685, on behalf of a class (the "Class") consisting of all persons who purchased securities of Mirant (NYSE:MIR) between January 19, 2001 and May 6, 2002, inclusive.
The Complaint charges Mirant and certain of its officers and directors with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 of the Securities and Exchange Commission. Among other things, plaintiff claims that defendants obtained illegal profits in California by artificially manipulating energy prices through a variety of improper tactics that resulted in investigations by both the Attorney General of the State of California, and the Federal Energy Regulatory Commission, as well as a number of private lawsuits. The complaint alleges that, during the Class Period, the Company announced quarter-after-quarter of outstanding growth and assured investors that problems in the California market had been properly accounted. Mirant, however, failed to provide for the return of illegally obtained revenue through a charge to earnings, failed to provide for professional fees associated with the investigations arising from the fraud, and failed to disclose that the illegally obtained revenue was subject to forfeiture and that investigations surrounding the illegally obtained revenue would result in the expenditure of material amounts for legal and professional fees. As a result, during the Class Period, defendants' financial statements were materially overstated and failed to comply with Generally Accepted Accounting Principles ("GAAP"). The complaint alleges that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of Mirant's revenues and earnings caused the Company's stock price to become artificially inflated, inflicting damages on investors.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
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 LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 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.