The Law Firm of Harvey Greenfield Files Suit Against Alcatel on Behalf of Defrauded DSC
Shareholders
BusinessWire, Tuesday, October 20, 1998 at 16:37
NEW YORK--(BUSINESS WIRE)--Oct. 20, 1998--
The Law Firm of Harvey Greenfield Announces The Following:
Notice is hereby given that a class action lawsuit was filed on
October 14, 1998 on behalf of all persons who purchased or otherwise
acquired securities of Alcatel Alsthom SA (NYSE:ALA) ("Alcatel" or
the "Company" ) pursuant to Alcatel's acquisition by merger of DSC
Communications Corporation ("DSC") which transaction closed on or
about September 8, 1998, pursuant to a proxy statement/prospectus
issued on or about July 28, 1998.
The complaint further alleges that the defendants knew before
consummating the merger, but failed to disclose to the investing
public and the class, that Alcatel was suffering substantial declines
in orders from customers in Asia and Russia, including, inter alia,
Deutsche Telekon, France Telecan, and Telefrica, and thus could not
begin to meet defendants' rosy public projections for Alcatel's
operating profits.
On or about September 17, 1998, the complaint alleges, only a few
days after the close of the merger, defendant Serge Tchuruk
("Tchuruk"), Chairman of the Board and Chief Executive Officer of
Alcatel, stunned the investment community by disclosing that Alcatel
would fall far short of its operating income target. This disclosure
caused the price of Alcatel's shares to drop almost 40% in trading in
France and in the United States, causing damages aggregating millions
of dollars to the plaintiff and the class.
Plaintiffs are represented by The Law Firm of Harvey Greenfield
("Harvey Greenfield"). Harvey Greenfield has significant experience
and expertise prosecuting class actions on behalf of investors and
shareholders. Harvey Greenfield maintains an office in New York City,
and is active in major securities litigation cases throughout the
country. The firm has participated in obtaining recoveries aggregating
approximately $3 billion.
If you are a member of the Class who exchanged shares of DSC for
shares of Alcatel pursuant to the merger, you may move the Court, not
later than November 20, 1998, to serve as lead plaintiff for the
Class. In order to serve as lead plaintiff you must meet certain legal
requirements.
If you have any questions or wish to discuss this action or your
rights with regard to this litigation, you may contact Harvey
Greenfield, Esq. at 60 East 42nd Street, Suite 2001, New York, NY
10165, telephone 800-420-8881 or 212-949-5500, facsimile 212-949-0049,
or by e-mail at hgreenf@banet.com.
CONTACT: The Law Firm of Harvey Greenfield, New York
Harvey Greenfield, Esq., 212/949-5500 or 800/420-8881
e-mail: hgreenf@banet.com
KEYWORD: NEW YORK
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