BHI - Ambulance Chasers (#2)
Milberg Weiss Files Class Action Suit Against Baker Hughes Inc. and Its Officers and Directors Alleging Misrepresentations
Thursday December 9, 7:29 pm Eastern Time
Company Press Release
SAN DIEGO--(BUSINESS WIRE)--Dec. 9, 1999--Milberg Weiss (http://www.milberg.com) today announced that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of those who purchased or otherwise acquired Baker Hughes Inc. (''Baker'') (NYSE:BHI - news) common stock during the period between May 3, 1999 and Dec. 8, 1999 (the ''Class Period'').
The complaint charges Baker and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Baker services the oil and gas industry, providing reservoir-centered products, services, and systems to the worldwide oil and gas industry, provides products and services for oil and gas exploration, drilling, completion and production, and manufactures and markets a variety of roller cutter bits and fixed cutter diamond bits. The complaint alleges that during the Class Period, defendants reported favorable earnings and represented that there were no accounting issues at the company, which caused its stock to trade at artificially inflated levels. On 12/1/99, Baker announced it expected 4thQ 99 earnings to be short of expectations. Then on 12/8/99, Baker announced it might restate its past results due to accounting issues in its Inteq unit that would require charges of $40-$50 million be taken. On these disclosures, Baker's stock declined as much as 26% to as low as $15 on volume of 28 million shares. As a result of the defendants' false statements, Baker's stock price traded at as high as $36-1/4 during the Class Period.
Plaintiff seeks to recover damages on behalf of all purchasers of Baker common stock during the Class Period (the ''Class''). The plaintiff is represented by several law firms, including Milberg Weiss Bershad Hynes & Lerach LLP, who have expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com.
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Contact:
Milberg Weiss Bershad Hynes & Lerach
William Lerach, 800/449-4900
wsl@mwbhl.com
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