Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action Lawsuit on Behalf of the St. Paul Travelers Companies, Inc. S
03 Novembre 2004 - 5:35PM
PR Newswire (US)
Wolf Haldenstein Adler Freeman and Herz LLP Commences Class Action
Lawsuit on Behalf of the St. Paul Travelers Companies, Inc.
Shareholders NEW YORK, Nov. 3 /PRNewswire/ -- Wolf Haldenstein
Adler Freeman & Herz LLP filed a class action lawsuit in the
United States District Court for the District of Minnesota, on
behalf of all persons who purchased the securities of The St. Paul
Travelers Companies, Inc. ("St. Paul" or the "Company") (NYSE: STA)
between January 27, 2000 and October 22, 2004, inclusive, (the
"Class Period") against defendants St. Paul and certain officers
and directors of the Company. 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/. 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 alleges that during the Class Period
defendants made statements 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
designed and executed a business plan under which it agreed to pay
so- called "contingent commissions" to insurance brokers to have
them steer business to St. Paul and shield St. Paul from
competition; (b) the Company's illicit scheme exposed the Company
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 have been significantly less had the
Company not engaged in such unlawful practices; (d) and the
Company's prospects were at risk because its business and revenue
could and would not be sustained when the public learned of its
unlawful practice alleged herein. If you purchased St. Paul
securities during the Class Period, you may request that the Court
appoint you as lead plaintiff by January 3, 2005. 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 (Fred Taylor Isquith,
Esq., 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 St. Paul. DATASOURCE: Wolf Haldenstein Adler Freeman
& Herz LLP CONTACT: Fred Taylor Isquith, Esq., Mark C. Rifkin,
Esq., Gustavo Bruckner, Esq., Christopher S. Hinton, Esq., or Derek
Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP,
1-800-575-0735, or Web site: http://www.whafh.com/
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