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Anicom's Improper Accounting Practices Violate Generally Accepted Accounting Principles, Says the Pomerantz Firm.

Business/Legal Editors

NEW YORK--(BUSINESS WIRE)--July 28, 2000

The following was released today by Pomerantz Haudek Block

Grossman & Gross LLP:

Anicom, Inc. ("Anicom" or the "Company") (Nasdaq: ANIC) and three of the Company's senior executives were charged with engaging in improper accounting practices by misstating financial results, particularly overstating the Company's net assets, in violation of Generally Accepted Accounting Practices ("GAAP").

Anicom's earnings were not increasing in the amounts that had been represented by the Company during 1998 and 1999 because the Company had allegedly made accounting revisions and charges which inflated Anicom's bottom line by as much as $35 million, according to allegations in a complaint filed by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) on behalf of those who purchased the common stock of Anicom during the period between February 24, 1998 and July 18, 2000, inclusive (the "Class Period").

When Anicom subsequently announced on July 18, 2000 that the Company was investigating possible "accounting irregularities" which could result in a revision of its 1998 and 1999 financial statements, the price of Anicom's common stock fell 80% and trading in Anicom common stock was halted.

If you purchased Anicom common stock during the Class Period, you have until September 18, 2000 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 28, 2000
Words:286
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