CORRECTING and REPLACING Goodkind Labaton Rudoff & Sucharow LLP Announces Class Action Lawsuit Against Lancer Corporation.

Business Editors/Legal Writers

CORRECTION...by Goodkind Labaton Rudoff & Sucharow LLP 

NEW YORK--(BUSINESS WIRE)--May 17, 2004

In BW5699 issued May 17, 2004: Sixth graph, second sentence should read: no later than July 16, 2004 (sted: no later than July 14, 2004)

The corrected release reads:

GOODKIND LABATON RUDOFF & SUCHAROW LLP ANNOUNCES CLASS ACTION LAWSUIT AGAINST LANCER CORPORATION

Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on May 14, 2004 in the United States District Court for the Western District of Texas, on behalf of persons who purchased or otherwise acquired publicly traded securities of Lancer Corporation ("Lancer" or the "Company") (AMEX:LAN) between October 26, 2000 and February 4, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Lancer and George F. Schroeder, David F. Green and the Coca-Cola Company (NYSE:KO)("Defendants").

If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.glrs.com/get/?case=Lancer.

The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that during the Class Period, Defendants engaged in a pattern of fraudulent conduct involving the issuance of a series of false and misleading statements. The complaint additionally alleges that these statements were materially false and misleading because they materially described inaccurately the nature of Lancer's revenue by saying it was derived from legitimate business transactions, when in reality, substantial revenues were derived as a result of a scheme to artificially set the sales prices of Lancer's products to its customers. The goal of the scheme, the complaint further asserts, was to manipulate the sales of fountain products. In addition, the complaint alleges that Lancer's public statements failed to fully reveal that it had major manufacturing problems, which resulted in a high defect rate in its products. Lastly, the complaint alleges that Lancer engaged in a fraudulent scheme with its largest customer, Coca-Cola Co. to artificially create demand for a new line of soda machine dispensers that Lancer was manufacturing for Coca-Cola to sell to its commercial customers.

On January 14, 2004, Lancer announced that the Securities & Exchange Commission had launched a formal investigation into Lancer's reporting of its financial statements, revenue and cost recognition, and internal financial and accounting controls. On February 2, 2004, Lancer announced that the Company's longstanding auditor KPMG LLP ("KPMG"), had resigned. Lancer also disclosed that KPMG indicated that the reason for its resignation was that Lancer had not taken timely and appropriate remedial actions with respect to "likely illegal acts." KPMG's comments were in stark contrast to Lancer's statements on January 30, 2004, that its audit committee did not find sufficient evidence of "intentional misconduct" or "accounting irregularities." Trading of Lancer shares has been halted since February 2, 2004. When and if trading resumes, it is virtually certain that Lancer common stock will trade far below the $7.50 trading price at which it was halted.

Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP with offices in New York, New York and Ft. Lauderdale, Florida. Goodkind Labaton is a pioneer in the field of investor protection, with forty years experience litigating securities class actions in courts throughout the country. Goodkind Labaton has over 50 attorneys in two offices and maintains an in-house staff of finance and accounting specialists. Goodkind Labaton also has extensive trial experience and, most recently, concluded a class action trial resulting in a landmark $185 million verdict for the plaintiff class.

If you bought Lancer securities between October 26, 2000 and February 4, 2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than July 16, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives at [e-mail] or Christopher Keller, Esq. at 800-321-0476.