Berger & Montague, P.C Announces Class Action Lawsuit Against Hayes Lemmerz.

Business Editors & Legal Writers

PHILADELPHIA--(BUSINESS WIRE)--Oct. 17, 2001

The law firm of Berger & Montague, P.C (http://www.bergermontague.com), filed a class action today in the United States District Court for the Eastern District of Michigan, Southern Division on behalf of all persons or entities who purchased securities of Hayes Lemmerz International, Inc. (NYSE:HAZ - news) securities during the period from June 8, 2000 through September 5, 2001, inclusive (the "Class Period").

The complaint alleges that the company violated the federal securities laws by issuing a series of material misrepresentations to the market concerning its financial results for fiscal 2000 and the first quarter of fiscal 2001. Specifically, the reported net loss of $41.8 million for fiscal 2000 was understated by at least 31% and was actually $56.4 million for that fiscal year period.

Net loss for the first quarter of fiscal 2001, which was previously reported as $7.6 million, was understated by a staggering 350% and was actually $34.7 million for the quarter. At the end of the Class Period, Hayes announced that the Company would restate its financial statements for 2000 and the first quarter of 2001 to increase reported losses by the foregoing amounts.

The Company stated that its investigation relating to these financial misrepresentations would continue and that additional restatements/adjustments may be necessary. Also, as a result of these restatements, the Company revealed that it was in breach of certain financial covenants under its senior credit facility.

On September 5, 2001, when this adverse information was disclosed, the stock was halted from trading and opened the following day at $2.10 per share. This represented a 50% decline from the prior day's trading price of $4.15 per share and more than a 90% decline from the $20 per share Hayes stock had been trading at during the class period.

The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased the Company's securities during the Class Period at artificially inflated prices.

If you purchased Hayes Lemmerz International, Inc. securities during the Class Period, you may, no later than November 5, 2001 move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation.

The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity.

Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.

If you have sustained substantial losses in Hayes Lemmerz International, Inc. securities during the Class Period, please contact Berger & Montague, P.C. at www.bergermontague.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.

The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors.

The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:

"Class counsel did a remarkable job in representing the class

interests." In Re: IKON Offices Solutions Securities Litigation.

Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111

million approved May, 2000).

"...(Y)ou have acted the way lawyers at their best ought to act.

And I have had a lot of cases ... in 15 years now as a judge and I

cannot recall a significant case where I felt people were better

represented than they are here... I would say this has been the

best representation that I have seen." In Re Waste Management,

Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.)

(settled in 1999 for $220 million).

If you purchased Hayes Lemmerz International, Inc. securities and have any questions concerning this notice or your rights with respect to this matter, please contact:

Carole A. Broderick, Esquire

Elizabeth Fox, Esquire

Kimberly A. Walker, Investor Relations Manager

Berger & Montague, P.C.

1622 Locust Street

Philadelphia, PA 19103

Phone: [phone] or 215-875-3000

Fax: [phone]

Website: http://www.investorprotect.com

e-mail: [e-mail]