Stull, Stull & Brody Announces Class Action Against Nesco, Inc.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--Dec. 31, 2001

The following statement was issued today by the law firm of Stull, Stull & Brody:

Notice is hereby given that a class action lawsuit was filed on November 16, 2001, in the United States District Court for the Northern District of Oklahoma on behalf of all persons or entities who purchased the common stock of Nesco, Inc. ("Nesco") (NASDAQ:NESCQ) between April 26, 2000 and August 16, 2001, inclusive (the "Class Period") against defendants Nesco, Inc., Eddy L. Patterson, James Howell, and Larry Johnson.

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing a series of materially false and misleading statements about the Company's quarterly and annual financial results for 2000 and its quarterly financial results for the first quarter of 2001. At the close of the Class Period, the Company restated its revenues for 2000 and the first quarter of 2001 to adjust for $3.65 million in overbooked sales. The overbooked sales, which were the result of accounting irregularities, forced the company to reduce its earnings for 2000 to $588,000, or 6 cents a share, from the previously reported $2.85 million, or 31 cents per share. The Complaint alleges that as a result of these false and misleading statements the price of Nesco common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.

Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 25 years and has obtained court approval of substantial settlements on numerous occasions.

If you bought the common stock of Nesco between April 26, 2000 and August 16, 2001, you may, no later than sixty days from November 13, 2001, request the Court appoint you as lead plaintiff in this action. 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 Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at [e-mail], or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017.