Berger & Montague, P.C. Announces Class Action Lawsuit Against Prime Retail, Inc.

Business Editors/Legal Writers

PHILADELPHIA--(BUSINESS WIRE)--Nov. 17, 2000

The following notice is issued by the law firm of Berger & Montague, P.C. who, on behalf of its client, filed a lawsuit on October 27, 2000 in the United States District Court for the District of Maryland, on behalf of all persons who purchased the common stock of Prime Retail, Inc. (NYSE:PRT) during the period May 28, 1999 through and including January 18, 2000 (the "Class Period").

The complaint charges Prime Retail and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition. The complaint alleges that Prime Retail assured its investors throughout the Class Period that it would issue a dividend in its fourth quarter of 1999, even though it knew that its deteriorating operations and debt-laden balance sheet would make issuing a dividend impossible. On January 18, 2000, Prime Retail announced that it would suspend its common dividend for 2000 because of lowered occupancy rates and cash shortage. The value of Prime Retail's securities declined sharply on the news of this announcement.

Plaintiffs seek to recover damages on behalf of all purchasers of Prime Retail, Inc. common stock during the Class Period (the "Class").

If you are a member of the Class described above, you may, no later than December 15, 2000 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.

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.

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, 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 Office 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 Prime Retail, Inc.'s securities, or have any questions concerning this notice of your rights with respect to this matter, you may contact:

Sherrie R. Savett, Esquire

Michael T. Fantini, 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]

SOURCE: Berger & Montague, P.C.