Lovell & Stewart Files Amended Complaint Naming Cox and Comcast as
Defendants in Securities Class Action Regarding Excite@Home, Reminds
Investors of 5/6/02 Deadline
04/26/2002
Business Wire
(Copyright (c) 2002, Business Wire)
NEW YORK--(BUSINESS WIRE)--April 26, 2002--The law firm of Lovell &
Stewart, LLP ((212) 608-1900 or www.lovellstewart.com) announces that
it has filed an amended complaint in the class action lawsuit
alleging misstatements and omissions of material fact that
artificially inflated the market price of the common stock of At Home
Corp., d/b/a Excite@Home (OTCBB:ATHMQ.OB).
The new complaint includes as class members all persons that held At
Home Corp. common stock as of March 28, 2000 and/or purchased,
converted, exchanged or otherwise acquired At Home stock between
March 28, 2000 and August 28, 2001, inclusive. The lawsuit asserts
claims under Sections 10(b) and 20(a) of the Securities Exchange Act
of 1934 and Rule 10b-5 promulgated by the SEC thereunder and the
common law and seeks to recover damages. Any member of the class may
move the Court to be named lead plaintiff. If you wish to serve as
lead plaintiff, you must move the Court no later than May 6, 2002.
The Excite@Home class action is pending in the U.S. District Court
for the Southern District of New York (500 Pearl Street, New York,
New York), Docket No. 02-CV-1765 (RO)(and related actions) and has
been assigned to the Hon. Richard Owen, U.S. District Judge. The
complaint alleges that AT&T Corp. and certain current and former
officers and directors of Excite@Home violated the federal securities
laws by making misstatements regarding, and by failing to disclose
adverse material facts regarding, Excite@Home's business and
financial condition and AT&T's true intentions with respect to At
Home Corp. and the Excite@Home broadband network during the class
period.
Specifically, the complaint alleges that defendants failed to
disclose that Excite@Home was burning through its cash at a
substantially higher rate than indicated in its filings with the SEC
and in other public statements. The complaint further alleges that
defendants affirmatively misrepresented the amount of cash that At
Home would need to finance its ongoing operations for the calendar
year 2001 by falsely stating in April 2001 that an additional $85
million in financing would be sufficient to meet Excite@Home's needs
for cash during 2001. Despite obtaining a total of $185 million in
new financing, the complaint alleges, on September 29, 2001, At Home
announced that it would seek bankruptcy protection, and on October
23, 2001, At Home Corp.'s share price hit a 52-week low of four cents
per share.
The complaint further alleges that defendants AT&T Corp., Cox
Communications, Inc. and Comcast Cable Communications, Inc. are
liable for the foregoing under Section 20(a) of the Securities
Exchange Act of 1934 based on their status as a control persons of
Excite@Home.
Christopher Lovell, the senior partner at Lovell & Stewart, has been
appointed lead counsel or co-lead counsel in numerous significant
class actions, including actions involving reportedly the largest
class action recoveries in history under three separate federal
statutes (the Sherman Antitrust Act, the Commodity Exchange Act, and
the Investment Company Act of 1940). These record-breaking recoveries
for class plaintiffs included the $1.027 billion recovery in In re:
NASDAQ Market-Makers Antitrust Litigation and a $145.35 million
recovery in 1999 in In re: Sumitomo Copper Litigation, a class action
against various parties who conspired to manipulate the worldwide
copper and copper futures markets for their own profit.
Investors who held At Home Corp. common stock as of March 28, 2000
and/or purchased, converted, exchanged or otherwise acquired At Home
stock between March 28, 2000 and August 28, 2001, inclusive may
contact Lovell & Stewart at the telephone number, address or E-mail
address below for more information regarding the class action
lawsuit. Investors can also visit Lovell & Stewart's website at
www.lovellstewart.com to view a copy of the complaint.
CONTACT: Lovell & Stewart, LLP, New York Christopher Lovell
Christopher J. Gray 212/608-1900 sklovell@aol.com
17:15 EDT APRIL 26, 2002
Contact: CONTACT: Lovell & Stewart, LLP, New York Christopher Lovell
Christopher J. Gray 212/608-1900 sklovell@aol.com
17:15 EDT APRIL 26, 2002
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