Law Firm Milberg Weiss Announces The Filing Of A Class Action Lawsuit on Behalf of Purchasers of the Securities of Halliburton Company.
NEW YORK--(BUSINESS WIRE)--June 3, 2002
The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on June 3, 2002, on behalf of purchasers of the securities of Halliburton Company ("Halliburton" or the "Company") (NYSE: HAL) between July 22, 1999 and May 28, 2002 inclusive (the "Class Period").
A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/cases/halliburton/
The action, numbered 3-02CV-1152-L, is pending in the United States District Court for the Northern District of Texas, located at 1100 Commerce Street, Dallas, TX 75242 against defendant Halliburton. The Honorable Sam A. Lindsay is the Judge presiding over the case.
The complaint charges that Halliburton violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between July 22, 1999 and May 28, 2002. As alleged in the complaint, beginning in the fourth quarter of 1998, unbeknownst to the public, Halliburton materially changed its revenue recognition policy to recognize revenue on claims and change orders relating to cost-overruns which its clients had not approved. Previously, the Company would only recognize revenue on approved change orders or claims. The Complaint further alleges that the alteration of the Company's accounting policy and financial results reported as a result thereof throughout the Class Period were materially false and misleading and in violation of Generally Accepted Accounting Principles ("GAAP") because, among other things, the accounting change was not disclosed to the public or supported as the preferred accounting treatment in the Company's financial statements and because collection of the claims or change orders was not probable and the amounts involved could not be estimated reliably. As a result of these violations of GAAP, according to the complaint, the Company's quarterly and annual earnings press releases and financial reports filed with the Securities and Exchange Commission ("SEC") throughout the Class Period were materially false and misleading and artificially inflated the Company's reported revenues and earnings, thereby artificially inflating the price of Halliburton securities. On May 28, 2002, after the close of the market, Halliburton issued a press release announcing that the SEC is conducting an investigation into its accounting for cost overruns. In reaction to the press release, the price of Halliburton common stock dropped by 3.3% in one day on extremely heavy trading volume.
If you bought the securities of Halliburton between July 22, 1999 and May 28, 2002 you may, no later than August 2, 2002, request that the Court appoint you as lead plaintiff. 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. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us or provide us with further information regarding this matter, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
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|Comment:||Law Firm Milberg Weiss Announces The Filing Of A Class Action Lawsuit on Behalf of Purchasers of the Securities of Halliburton Company.|
|Date:||Jun 3, 2002|
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