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Yahoo - Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Certain of Its Officers and Directors, Alleging Violations of Federal Securities Laws
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Wednesday November 7, 12:41 pm Eastern Time

Press Release

SOURCE: Rabin & Peckel LLP

Rabin & Peckel LLP Commences Class Action Against Enron Corporation and Certain of Its Officers and Directors, Alleging Violations of Federal Securities Laws


NEW YORK--(BUSINESS WIRE)--Nov. 7, 2001--A class action complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities who purchased Enron Corporation (``Enron'' or the ``Company'') (NYSE: ENE <http://finance.yahoo.com/q?s=ene&d=t> - news <http://biz.yahoo.com/n/e/ene.html>) common stock between January 18, 2000 and October 17, 2001, inclusive (the ``Class Period''). The complaint was brought against defendants Enron, Kenneth Lay, Jeffrey K. Skilling and Andrew Fastow. The case is numbered H-01-3736. The Honorable Melinda Harmon is the Judge presiding over the case. 

The Complaint alleges that defendants violated Section 10(b) and 20(a) of the Securities and Exchange Act of 1934 by issuing a series of material misrepresentations to the market between January 18, 2000 and October 17, 2001, thereby artificially inflating the price of Enron common stock. Specifically, the Complaint alleges that Enron issued a series of statements concerning its business, financial results and operations which failed to disclose (i) that the Company's Broadband Services Division was experiencing declining demand for bandwidth and the Company's efforts to create a trading market for bandwidth were not meeting with success as many of the market participants were not creditworthy; (ii) that the Company's operating results were materially overstated as a result of the Company failing to timely write-down the value of its investments with certain limited partnerships which were managed by the Company's chief financial officer; and (iii) that Enron was failing to write-down impaired assets on a timely basis in accordance with Generally Accepted Accounting Principles (``GAAP''). During the Class Period, Enron insiders disposed of over $73 million of their personally-held Enron common stock to unsuspecting investors. 

On October 16, 2001, Enron surprised the market by announcing that the Company was taking non-recurring charges of $1.01 billion after-tax, or ($1.11) loss per diluted share, in the third quarter of 2001, the period ending September 30, 2001. Subsequently, Enron revealed that a material portion of the charge was related to the unwinding of investments with certain limited partnerships which were controlled by Enron's chief financial officer and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. When this news hit the market, the price of Enron common stock dropped significantly. 

Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com <http://www.rabinlaw.com>. 

If you purchased Enron common stock during the Class Period described above, you may, no later than December 21, 2001, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Maurice Pesso and Eric Belfi, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com <mailto:email@rabinlaw.com>. 
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Contact: 

     Rabin & Peckel LLP
     Maurice Pesso/Eric Belfi, 800/497-8076 or 212/682-1818
     Fax: 212/682-1892
     email@rabinlaw.com <mailto:email@rabinlaw.com>
     www.rabinlaw.com <http://www.rabinlaw.com>

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