Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against Atlas Air Worldwide Holdings, Inc.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 24, 2002 Notice is hereby given that a 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 was commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of 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 on behalf of all purchasers of Atlas Air Worldwide Holding, Inc. ("Atlas Air" or the "Company") (NYSE NYSE See: New York Stock Exchange : CGO CGO Cargo CGO Code Generation and Optimization CGO Cogeco Inc (stock symbol) CGO Zhengzhou, China (Airport Code) CGO Chief Globalization Officer CGO Company Grade Officer ) securities between April 18, 2000 and October 15, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Atlas Air's financial results and business prospects. Specifically, the complaint alleges that Atlas Air failed to disclose that, throughout the class period, the Company materially overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o its inventory, maintenance expense, and allowance for bad debts. As a result, the price of the Company's securities were artificially inflated throughout the Class Period. On October 16, 2002, however, defendants disclosed that Atlas Air would have to restate its previously issued financial reports for its fiscal years 2000 and 2001. Following this revelation, Atlas Air's share price fell to $.79 per share, to close at $1.80 per share, significantly below the Class Period high of $45.69. Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Atlas Air securities between April 18, 2000 through October 15, 2002, excluding defendants and their affiliates. If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com If you purchased Atlas Air securities during the Class Period, you may, not later than December 17, 2002, 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. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact: ERIC CRUSIUS, ESQ Noun 1. Esq - a title of respect for a member of the English gentry ranking just below a knight; placed after the name Esquire Britain, Great Britain, U.K. . ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP LLP - Lower Layer Protocol 320 East 39th Street New York, NY 10016 Telephone: (877)247-4292 or (212)983-9330 e-mail Ecrusius@faruqilaw.com Avozzolo@faruqilaw.com |
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