USA: Milberg Weiss files class action suit against the Coca-Cola Company
If you wish to serve as lead plaintiff, you must move the Court no later than December 26, 2000. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at firstname.lastname@example.org. You can join this class action online at http://www.milberg.com/coke/.
The complaint charges Coke and certain of its officers and directors with violations of the Securities Exchange Act of 1934, by issuing a series of false and misleading statements between October 21, 1999 and March 6, 2000. Specifically, Coke reported misleading financial results, falsely presented its flat gallonage shipments of concentrate to bottlers during 99 as a positive development, represented that improving the financial condition of those bottlers and had set the stage for substantial revenue growth by Coke as consumer demand for its products had picked up in late 99 and early 00, and forecast 4thQ 99 EPS of $.30-$.31, 99 EPS of $1.29-$1.31, 00 EPS of $1.50-$1.60 and 01 EPS of $1.75+. As a result of Coke's statements, Coke's stock recovered sharply from its early 10/99 low of $47-5/16 to as high as $69 on 12/3/99, a huge increase in Coke's stock price in about 90 days, which restored over $52 billion in Coke stockholder market capitalization. Then, on 3/7/00, Bloomberg reported that, based on the revelations of the past several weeks and continuing conversations with Coke executives, analysts had concluded that Coke would not be able to achieve a return to its historic 8+% and 15%-20% revenue and EPS growth at any time in the foreseeable future. Coke's stock fell to just $44-13/16 on 3/7/00, its lowest price in years.
Plaintiff seeks to recover damages on behalf of all purchasers of Coke's common stock during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $20 billion.
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