Darkbeer
10-10-2002, 04:46 PM
Johnson & Perkinson Press Release:
Johnson & Perkinson Announces Class Action Lawsuit Against Walt Disney Co.; Deadline for Lead Plaintiffs Nears in Disney Shareholder Suit
The law firm of Johnson & Perkinson ("J&P") announces that a class action lawsuit was filed on October 2, 2002, on behalf of all those who purchased Walt Disney Co. ("Disney") DIS securities during the period August 15, 1997 through May 15, 2002.
The Complaint, pending in the United States District Court, Central District of California, charges Disney and certain of its officers and directors with violations of federal securities laws. Plaintiff claims that the defendants caused Disney's stock price to become artificially inflated, inflicting damages on investors, by their material omissions and the dissemination of materially false and misleading statements concerning the existence, details, and potential effects of a pending lawsuit over merchandising rights for products bearing the likeness of "Winnie the Pooh" characters. Those effects include the potential payout by Disney of hundreds of millions of dollars in royalty payments in as well as the much more serious threat of possibly terminating the Company's merchandising agreement for Winnie the Pooh products, which represents several billion dollars a year in revenue. The Complaint alleges that for eleven years, Disney has been involved in this bitterly contested lawsuit with hundreds of millions of dollars at stake, but throughout they have never advised their stockholders of its existence. On May 15, 2002, defendants finally came clean about the amount of claims involved and the potential fallout of the Pooh litigation, and its stock price fell, reaching $13.77 on August 13, 2002, a decline of more than 40%.
The deadline for moving to be appointed as Lead Plaintiff in this action is October 15, 2002. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Johnson & Perkinson, or other counsel of your choice, to serve as your counsel in this action. You may review the Complaint and/or sign up as a Lead Plaintiff by visiting the firm's website at If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Dennis J. Johnson, Esquire or Jacob B. Perkinson, Esquire at Johnson & Perkinson, 1690 Williston Road, South Burlington, Vermont 05403, toll free at 1-888-459-7855 or via e-mail at
Johnson & Perkinson is a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs involved in the litigation. Members of the firm have prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud since 1985. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors against numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts. The firm is currently lead or co-lead counsel in securities class actions pending against Xerox, Priceline, Nortel, Allaire, and Exchange Applications.
Contact Information:
Johnson & Perkinson
Dennis J. Johnson, Esquire
or
Jacob B. Perkinson, Esquire, 1-888-459-7855
JPLAW@adelphia.net
Johnson & Perkinson Announces Class Action Lawsuit Against Walt Disney Co.; Deadline for Lead Plaintiffs Nears in Disney Shareholder Suit
The law firm of Johnson & Perkinson ("J&P") announces that a class action lawsuit was filed on October 2, 2002, on behalf of all those who purchased Walt Disney Co. ("Disney") DIS securities during the period August 15, 1997 through May 15, 2002.
The Complaint, pending in the United States District Court, Central District of California, charges Disney and certain of its officers and directors with violations of federal securities laws. Plaintiff claims that the defendants caused Disney's stock price to become artificially inflated, inflicting damages on investors, by their material omissions and the dissemination of materially false and misleading statements concerning the existence, details, and potential effects of a pending lawsuit over merchandising rights for products bearing the likeness of "Winnie the Pooh" characters. Those effects include the potential payout by Disney of hundreds of millions of dollars in royalty payments in as well as the much more serious threat of possibly terminating the Company's merchandising agreement for Winnie the Pooh products, which represents several billion dollars a year in revenue. The Complaint alleges that for eleven years, Disney has been involved in this bitterly contested lawsuit with hundreds of millions of dollars at stake, but throughout they have never advised their stockholders of its existence. On May 15, 2002, defendants finally came clean about the amount of claims involved and the potential fallout of the Pooh litigation, and its stock price fell, reaching $13.77 on August 13, 2002, a decline of more than 40%.
The deadline for moving to be appointed as Lead Plaintiff in this action is October 15, 2002. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Johnson & Perkinson, or other counsel of your choice, to serve as your counsel in this action. You may review the Complaint and/or sign up as a Lead Plaintiff by visiting the firm's website at If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Dennis J. Johnson, Esquire or Jacob B. Perkinson, Esquire at Johnson & Perkinson, 1690 Williston Road, South Burlington, Vermont 05403, toll free at 1-888-459-7855 or via e-mail at
Johnson & Perkinson is a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs involved in the litigation. Members of the firm have prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud since 1985. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors against numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts. The firm is currently lead or co-lead counsel in securities class actions pending against Xerox, Priceline, Nortel, Allaire, and Exchange Applications.
Contact Information:
Johnson & Perkinson
Dennis J. Johnson, Esquire
or
Jacob B. Perkinson, Esquire, 1-888-459-7855
JPLAW@adelphia.net