Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Expanded Class Period in Class Action Suit Filed Against Waste Management, Inc. and Its Officers and Directors.SEATTLE--(BUSINESS WIRE)--Aug. 18, 1999-- Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C., announced that it has filed a class action in the United States District Court for the Southern District of Texas The United States District Court for the Southern District of Texas is the Federal district court with jurisdiction over the southern part of Texas and is a part of the Fifth Circuit. The court's headquarters is in Houston, Texas and has six additional offices in the district. on behalf of those who purchased or otherwise acquired 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, . ("Waste Management") (NYSE NYSE See: New York Stock Exchange :WMI) common stock during the period between October 8, 1998 and August 2, 1999 (the "Class Period"). The complaint alleges that defendants made false and misleading statements about Waste Management's financial results, its cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses and the successful integration of mergers and acquisitions. These representations artificially inflated Waste Management's stock price to a Class Period high of $60 and allowed Waste Management's officers and directors to sell $1.3 million shares of their Waste Management stock, for $74.3 million, at prices as high as $56.41 per share. On July 6, 1999, Waste Management admitted that revenues and earnings would be much lower than previously represented. Waste Management's stock price immediately dropped falling to as low as $32 on volume of 70.3 million shares, the largest one day drop in the Company's history. Waste Management later divulged that its results would be even worse than admitted on July 6, 1999 and that it had restated its 1stQ 1999 results. Upon these disclosures, Waste Management's stock price declined to as low as $22-5/16 per share. Most of Waste Management's top officers, including its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , president, COO, CFO See Chief Financial Officer. and General Counsel, have either resigned or been ousted. 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 Steven J. Toll, Esq., Lori G. Feldman, Esq. or Matthew J. Ide, Esq. of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 999 Third Ave., Suite 3600, Seattle, WA 98104, 888/240-1238 or 206/521-0080. |
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