NEW YORK, Oct. 25, 2000 (PRNewswire)—A securities class action lawsuit was commenced on behalf of purchasers of the publicly-traded securities of Azurix Corp. between June 9, 1999 and August 8, 2000, including those who acquired their shares in connection with Azurix's initial public offering ("IPO") on June 9, 1999. A copy of the complaint is available from the Court.
The case is pending in the United States District Court for the Southern District of Texas. Named as defendants in the complaint are Azurix, Enron Corp. ("Enron"), which controlled 35% of Azurix at the time of the IPO, Rebecca Marks, (Chairman and Chief Executive), Rodney Faldyn (Chief Accounting Officer), Joseph Sutton (Azurix Director and Officer of Enron), Jeffrey Skilling (Azurix Director and President and COO of Enron) and Kenneth Lay (Azurix Director and Chairman and Chief Operating Officer of Enron).
The complaint charges defendants with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that the registration statement and prospectus issued in connection with the IPO and the Company's press releases and public statements contained materially false and misleading information regarding Azurix's financial condition and prospects. Specifically, the complaint charges that defendants misrepresented and failed to disclose that several large water supply and wastewater privatization projects that Azurix's near term revenues were dependent on were postponed or cancelled at the time of the IPO.
The dissemination of this materially misleading information caused Azurix's common stock to be artificially inflated throughout the Class Period. Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Azurix securities during the Class Period.
If you purchased or otherwise acquired Azurix securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 12, 2000.
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 Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit the firm's website at http://www.bernlieb.com.
If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Ms. Linda Flood, Director of Shareholder Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at [email protected].
SOURCE: Bernstein Liebhard & Lifshitz, LLP
