the Courts have set an extremely high standard for officer and director liability. The suit filed by Milberg Weiss is without merit. I would love to see Dick Wardrop fight this suit and get it dismissed via a summary judgement and then go sue Milberg Weiss for filing a frivilous lawsuit.
Currently, I am a lead plaintiff in a class action lawsuit against a former NYSE company and know something about the requirements regarding the burden of proof. Hillerjh is exactly right. Milberg Weiss is simply trying to extract their pound of flesh and shareholders end up with essentially nothing. Hope it backfires and MW gets caught with their pants down.
This evening I received an e-mail from Bruce G. Murphy regarding another class action against AKS. I imagine we might be seeing a press release soon. In addition to the cover letter (posted below) there was an announcement describing the complaint along with a form to fill out and submit.
FWIW, I will NOT participate in this or any other class action against AKS. Frankly I'm getting sick and tired of seeing names like Milberg Weiss and others showing up as often as they do. IMO, these class actions are getting out of hand.
In any case, here's the info:
NOTICE TO PURCHASERS OF AKS SECURITIES BETWEEN JULY 15, 1999 AND JANUARY 25, 2000
This email and the accompanying announcement are being sent to persons who may have acquired AK Steel Holding Corporation ("AK Steel") (NASDAQ: AKS) between July 15, 1999 and January 25, 2000 (the "Class Period").
The Law Offices of Bruce G. Murphy, P.C. is involved in major securities class actions pending in federal and state courts throughout the United States. The firm has undertaken this litigation on a contingent fee basis and will only be paid fees out of any recovery, following Court approval. You have no obligation for our fees or costs.
If you wish to retain us, join the group of Lead Plaintiffs and assure your participation in any recovery, please complete and execute the enclosed form of Certification and return it to us promptly by telecopying it to 561-231-4042 TODAY. Should you choose not to return the Certification, you may remain an absent class member, retain other counsel or take other steps to protect your rights.
Please feel free to contact the Law Offices of Bruce G. Murphy at 561-231-4202 or via electronic mail at Brucemurphy_attorney@yahoo.com.
Very truly yours,
Bruce G. Murphy
265 Llwyd's Lane Vero Beach, FL 32963-3252 561-231-4202