To: Sir Auric Goldfinger who wrote (3324 ) 10/3/1999 10:18:00 PM From: xcr600 Respond to of 19428
biz.yahoo.com Friday October 1, 5:43 pm Eastern Time Company Press Release SOURCE: Pomerantz Haudek Block Grossman & Gross LLP Stewart Enterprises Misled Investors; Top Insider Pocketed Over $12 Million in Insider Trading Profits, Says The Pomerantz Firm NEW YORK, Oct. 1 /PRNewswire/ -- Stewart Enterprises, Inc. (``Stewart' or the ``Company') (Nasdaq: STEI - news) and certain of its officers and directors issued a series of materially false and misleading statements, all of which resulted in artificially inflating the price of Stewart's common stock in order to fund an aggressive expansion program, including support for the company's secondary public offering of common stock in February 1999, according to allegations in a Complaint filed by Pomerantz Haudek Block Grossman & Gross LLP (http://www.pomerantzlaw.com). According to the Complaint, Stewart issued a series of statements geared to conceal the true nature of the company's financial well-being and the overall impact that negative industry wide trends were having on the company, in order to artificially manipulate the price of Stewart's stock for purposes of expansion and a secondary public offering of common stock. When Stewart finally disclosed to the public on August 12, 1999 the company's true financial condition and revealed that its business would coincide with more realistic industry-wide trends, the price of Stewart common stock plunged. Soon thereafter was it revealed that in connection with the secondary public offering, Frank Stewart, Stewart's Chairman of the Board, reaped over $12 million dollars in proceeds through the sale of over 745,000 shares of his Stewart stock based on inside information. If you purchased Stewart Enterprises common stock during the period between December 15, 1998 and August 12, 1999, inclusive (the ``Class Period') and were damaged, you have until October 25, 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 telephone 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 actions. Today, over 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion dollar damages awards 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