AGCC Anchor Glass Container (MM)

Shareholder Class Action Filed Against Anchor Glass Container Corporation By The Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Dec. 14 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Middle District of Florida on behalf of all securities purchasers of Anchor Glass Container Corporation ("Anchor" or "the Company") (NASDAQ:AGCC) from September 25, 2003 through November 4, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges defendants Anchor Glass, Richard M. Deneau and Darrin J. Campbell with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (a) Anchor's production far exceeded demand and the Company had an excess of built-up inventory during the Class Period, resulting in the forced closure of the Connellsville facility; (b) Anchor had flooded the market with inventory during the Class Period which caused the Company to "curtail production selectively during the fourth quarter" to lower these inventory levels and align production with customer requirements; and (c) one of the Company's main production facilities, the Connellsville facility, was materially impaired during the Class Period resulting in a belated charge of at least $45 million. On November 5, 2004, before the market opened, defendants shocked the market by announcing a much greater than expected net loss, a major company- wide revamping, including the closure of a major container facility, the suspension of the quarterly dividend, and the sudden resignation of CEO Richard Deneau. In response to the unexpected news, Anchor stock plummeted by over 25%, on extraordinarily high volumes of over 2.6 million shares traded - vastly higher than the average trading volumes of approximately 130,000 shares. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ . If you are a member of the class described above, you may, not later than January 28, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza East, Suite 400 Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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