Bernstein Liebhard & Lifshitz Investigates Expanding Class Period in Class Action Against Waste Management.NEW YORK--(BUSINESS WIRE)--Aug. 2, 1999-- The following was released today by Bernstein Liebhard & Lifshitz, LLP LLP - Lower Layer Protocol : Bernstein Liebhard & Lifshitz, LLP which is currently prosecuting a securities class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax against Waste Management, Inc Waste Management, Inc. (NYSE: WMI) is a waste management, comprehensive waste, and environmental services company in North America. The company's network includes 413 collection operations, 370 transfer stations, 283 active landfill disposal sites, 17 waste-to-energy plants, .(NYSE NYSE See: New York Stock Exchange :WMI (Windows Management Instrumentation) A programming interface (API) in Windows that allows system and network devices to be configured and managed. WMI is based on WBEM, which stores all definitions in a CIM database. ) ("Waste Management" or the "Company"), is investigating expanding the class period to include all purchasers of the Company's common stock between March 31, 1999 and July 29, 1999, inclusive, (the "Class Period"). On July 6, 1999, Waste Management revealed that it had sharply downgraded its earnings expectations for the second quarter ended June 30, 1999 and for the full year, primarily due to lower than expected North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. solid waste revenues. The Company stated that earnings for the second quarter would be $0.67-$0.70 per share and approximately $2.65-$2.70 per share for the full year. Analysts had estimated that the Company would earn $0.78 for the second quarter and over $3.00 per share for the full year. As a result, the market price of the company's stock plunged more than 37%, erasing more than $12 billion of the Company's market value. However, this was not the whole truth as the Company's financial condition and outlook was much worse. On July 29, 1999 Waste Management revealed that it expects actual second quarter results to be between $0.57-$0.60 per share. In response to these belated disclosures regarding the Company's true financial condition, the stock price plunged $5.50 to close at $25-15/16. If you purchased or otherwise acquired Waste Management securities during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in the action to serve as lead plaintiff. If you would like to discuss the pending action or if you have any questions concerning this Notice or the expanded Class Period or if you wish to discuss your rights as a potential class member or lead plaintiff, you may contact Mel E. Lifshitz, Esq., or Ms. Nicole Meyer, Director of Shareholder Relations at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at wasteman@bernlieb.com. |
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