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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Ann M Schmidt X-To: Mark Palmer, Karen Denne, Meredith Philipp, Steven J Kean, Elizabeth Linnell, Laura Schwartz, Mary Clark X-cc: X-bcc: X-Folder: \Steven_Kean_June2001_4\Notes Folders\Discussion threads X-Origin: KEAN-S X-FileName: skean.nsf Savett Frutkin Podell & Ryan, P.C. Announces Class Action Lawsuit Against Azurix Corp. 10/16/2000 Business Wire (Copyright © 2000, Business Wire) PHILADELPHIA--(BUSINESS WIRE)--Oct. 16, 2000--Savett Frutkin Podell & Ryan, P.C. hereby gives notice that a class action complaint was filed in the United States District Court, Southern District of Texas on behalf of a class of persons who purchased the common stock of Azurix Corp. (NYSE:AZX) ("Azurix" or the "Company") at artificially inflated prices during the period June 9, 1999 through August 8, 2000 and traceable to Azurix's Initial Public Offering ("Class Period") and who were damaged thereby. If you are a member of the proposed Class, you should contact this firm at the telephone number or address below. If you wish to be appointed lead plaintiff in this action you must file a motion with the Court no later December 5, 2000. Class members must meet certain legal requirements to serve as a lead plaintiff. If you purchased Azurix common stock during the Class Period or have questions or information regarding this action or your rights, you may call or write Barbara A. Podell, Adam Savett or Renee C. Nixon, of Savett Frutkin Podell & Ryan. P.C. at 800/993-3233 or via e-mail at sfprpc@op.net. The complaint charges Azurix and certain of its senior officers and directors with violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 ("Securities Act") and Sections 10(b) and 20 of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 promulgated thereunder. The complaint also charges Enron Corp. as a controlling person under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The complaint alleges that during the Class Period, defendants disseminated to the investing public false and misleading financial statements and press releases concerning the Company's publicly reported financial condition and future prospects. The complaint further alleges that defendants issued to the public on or about June 9, 1999, in connection with the Company's initial public offering, a false and misleading registration statement and prospectus. These documents touted the Company's primary business strategy - acquiring, owning, operating and managing large privatization water supply and wastewater projects. However, through a series of partial disclosures beginning on March 30, 2000 and ending on August 8, 2000, it was revealed that several large privatization projects were already postponed or canceled at or near the time of the IPO. As a result of defendants' misrepresentations the price of Azurix common stock was artificially inflated throughout the Class Period. Plaintiff seeks to recover damages on behalf of all purchasers of Azurix common stock during the Class Period. The plaintiff is represented by Savett Frutkin Podell & Ryan, P.C. which has extensive experience representing shareholders in class actions and has successfully recovered hundreds of millions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex class action litigations. CONTACT: SAVETT FRUTKIN PODELL & RYAN, P.C. Barbara A. Podell Adam T. Savett Renee C. Nixon Telephone: 215/923-5400 or 800/993-3233 E-mail: sfprpc@op.net 12:12 EDT OCTOBER 16, 2000 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
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