Catanzarite Law Files Class Action Lawsuit Against Wabash National

25 January 1999

Catanzarite Law Corp. Files Class Action Lawsuit Against Wabash National Corp.

    ANAHEIM, Calif.--Jan. 22, 1999--Notice is hearby given pursuant to Section 21(D)(A)(3)(a)(i) of the Securities Exchange Act of 1934, that a class action was filed today in the United States District Court for the Northern District of Indiana on behalf of all persons who purchased the common stock of Wabash National Corp. ("Wabash") between April 20, 1998, and Jan. 19, 1999, inclusive (the "Class Period").
    Named as defendants are Wabash, Donald J. Ehrlich, Wabash's president/CEO; Mark R. Holden, Wabash's CFO; and Rick B. Davis, Wabash's controller.
    Wabash is a designer, manufacturer and marketer of standard and customized truck trailers under the "Wabash" and "Fruehauf" tradenames. The company also distributes aftermarket trailer parts under the "Pro-par" tradename. The Complaint alleges that in late 1997, Wabash implemented a major conversion in its manufacturing information systems which did not accurately track inventory, including costs.
    Despite knowing and/or recklessly disregarding the foregoing, defendants issued quarter after quarter of glowing financial results for the first three quarters of fiscal 1998, stating that Wabash was experiencing record revenues and income. On Jan. 19, 1999, the last day of the Class Period, defendants unexpectedly announced that Wabash would restate its financial results for the Class Period.
    As a result of the foregoing, Wabash's common stock traded during the Class Period at artificially inflated prices as high as $31 per share. The stock's price plunged 20 percent on defendants' announcement that Wabash was restating its financial results.
    Plaintiff seeks to recover damages on behalf of Class members and is represented by the Catanzarite Law Corp., and other firms with significant experience in prosecuting class actions involving corporate fraud.
    If you purchased Wabash stock during the Class Period, you may move the Court, not later than 60 days from Jan. 22, 1999, to serve as lead plaintiff, although you must meet certain legal requirements to do so.
    If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to this lawsuit, contact Kenneth J. Catanzarite, or Ralph Ascher, of the Catanzarite Law Corp., at 2331 W. Lincoln Ave., Anaheim, Calif. 92801, by toll-free telephone at 800/326-5544 or 714/520-5544, or by e-mail to clclawyers@hotmail.com.