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To: Janice Shell who wrote (23585)	8/2/1999 4:48:00 PM
From: tonto	Read Replies (1) \| Respond to of 26163

Off topic... Monday August 2, 1:46 pm Eastern Time Company Press Release SOURCE: Pomerantz Haudek Block Grossman & Gross LLP The Pomerantz Firm Files Suit Against Waste Management, Inc. for Misleading the Investing Public NEW YORK, Aug. 2 /PRNewswire/ -- Pomerantz Haudek Block Grossman & Gross LLP (http://www.pomerantzlaw.com) has filed a class action suit against Waste Management, Inc. (''Waste Management'' or the ''Company'') (NYSE: WMI - news) and certain of its officers and directors. The case was filed in the United States District Court for the Eastern District of Texas on behalf of all those who purchased or otherwise acquired the securities of Waste Management during the period between May 6, 1999 and July 29, 1999, inclusive (the ''Class Period''). The Complaint charges that Waste Management and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning the Company's performance and its second quarter 1999 and fiscal 1999 year-end earnings estimates. Specifically, the Complaint alleges that defendants misrepresented Waste Management's second quarter performance, falsely claiming that the company was in-line with earnings estimates, when in fact its earnings estimates were materially inflated, and actual second quarter performance was far below Waste Management's purported expectations. The market learned of the concealed shortfall in Waste Management earnings in two disclosures, on July 6, 1999 and July 29, 1999. The market reaction to the news was disastrous. As a result of the disclosures, the price of Waste Management stock plummeted from $53 to $25 per share, a decline of over 50%. The complaint alleges that the Company's management knew that Waste Management could not meet earnings expectations, even as they were claiming that it would and selling their own stock. The complaint alleges that in May and June 1999, Waste Management executives sold over 1.38 million shares of Waste Management common stock, receiving over $75.9 million in proceeds from the sale. If you purchased Waste Management securities during the Class Period, you have until September 6, 1999 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 phone number. The Pomerantz firm is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class action litigation. Today, over 50 years later, the Pomerantz firm continues the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. In doing so, the Firm has been responsible for numerous multimillion dollar recoveries on behalf of class members. The Pomerantz firm's Senior Partner, Stanley M. Grossman, leads a team of legal professionals who litigate in courts throughout the United States. The Firm affiliates, as necessary, with other highly qualified counsel throughout the nation. Mr. Grossman, formerly president of the National Association of Securities and Commercial Attorneys, was recently invited to testify before the House Subcommittee on Courts and Intellectual Property concerning the Class Action Jurisdiction Act of 1998. Mr. Grossman aided congressional assistants in the drafting of this bill. Contact: Andrew G. Tolan, Esq. of Pomerantz Haudek Block Grossman & Gross LLP, 888-476-6529 (888-4-POMLAW) or agtolan@pomlaw.com SOURCE: Pomerantz Haudek Block Grossman & Gross LLP -------------------------------------------------------------------------------- More Quotes and News: Waste Management Inc (NYSE:WMI - news) Related News Categories: environmental --------------------------------------------------------------------------------