Wolf Haldenstein Adler Freeman And Herz LLP Commences Class
Action Lawsuit On Behalf Of Ace Limited Shareholders
NEW YORK, Oct. 21 /PRNewswire-FirstCall/ -- Wolf Haldenstein Adler Freeman &
Herz LLP filed a class action lawsuit in the United States District Court for
the Southern District of New York, on behalf of all persons who purchased the
securities of ACE Limited ("ACE" or the "Company") (NYSE:ACE) between May 30,
2002 and 10:58a.m, Eastern Daylight Time on October 14, 2004, inclusive, (the
"Class Period") against defendants ACE and certain officers and directors of
the Company.
The case name is Burda v. ACE Limited, et al. A copy of the complaint filed in
this action is available from the Court, or can be viewed on the Wolf
Haldenstein Adler Freeman & Herz LLP website at
http://www.whafh.com/cases/ace.htm.
The complaint alleges that defendants violated the federal securities laws by
issuing materially false and misleading statements throughout the Class Period
that had the effect of artificially inflating the market price of the Company's
securities.
The complaint further alleges that defendants made statements during the class
period that were materially false and misleading because they failed to
disclose and misrepresented the following adverse facts: (a) the Company had
implemented and executed an unsustainable business practice whereby the Company
participated in a business plan under which it entered into "placement service
agreements" with Marsh & McLennan and agreed to pay them "contingent
commissions" in return for steering it business and shielding it from
competition; (b) the Company's illicit scheme exposed it to significant
regulatory penalties and threatened loss of consumer goodwill jeopardizing the
Company's ability to sustain any performance in its legitimate business
practices; (c) the Company's revenues and earnings would materially overstated
and would have been significantly less had the Company not engaged in such
unlawful practices; and (d) at no time during the Class Period did defendants
disclose the fact that, or the extent to which, ACE's business, revenue, and
income were dependent upon the unlawful and unsustainable business practices
alleged herein.
If you purchased ACE securities during the Class Period, you may request that
the Court appoint you as lead plaintiff by December 17, 2004. 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 Wolf Haldenstein, or other counsel of your choice, to serve as your
counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities
class actions and derivative litigation in state and federal trial and
appellate courts across the country. The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City, San Diego,
and West Palm Beach. The reputation and expertise of this firm in shareholder
and other class litigation has been repeatedly recognized by the courts, which
have appointed it to major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf
Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York
10016, by telephone at (800) 575-0735 (Mark C. Rifkin, Esq., Gustavo Bruckner,
Esq., Christopher S. Hinton, Esq., or Derek Behnke), via e-mail at or visit
our website at http://www.whafh.com/. All e-mail correspondence should make
reference to ACE. DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT: Mark C. Rifkin, Esq., or Gustavo Bruckner, Esq., or Christopher S. Hinton, Esq., or Derek Behnke, +1-800-575-0735, all of Wolf Haldenstein Adler Freeman & Herz LLP Web site: http://www.whafh.com/ http://www.whafh.com/cases/ace.htm
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