Class Action Suit Filed Against DaimlerChrysler, AG
5 December 2000
Berger & Montague, P.C. Files Class Action Suit Against DaimlerChrysler, AG
PHILADELPHIA, Dec. 2 The law firm of Berger & Montague,
P.C. (http://www.investorprotect.com), filed a class action on December 1,
2000 in the United States District Court for the District of Delaware, on
behalf of all persons or entities who exchanged Chrysler Corp. ("Chrysler")
shares for shares of DaimlerChrysler AG ("DaimlerChrysler") as a
result of a merger (the "Merger") between Chrysler and Daimler-Benz AG.
The complaint charges that defendants violated Sections 10(b), 14(a) and
20(a) of the Securities Exchange Act of 1934, and Rules 10b-5 and 14a-9
promulgated thereunder, and Sections 11, 12(a)(2) and 15 of the Securities
Exchange Act of l933. The complaint concerns material misrepresentations and
omissions arising from Daimler-Benz AG's acquisition of Chrysler in 1998.
Specifically, as alleged in the complaint, defendants promised and assured
Chrysler shareholders that Chrysler's well-regarded management team would
remain in control of the Chrysler operations as part of a "merger of equals."
In truth and fact, as alleged in the complaint, defendants never intended to
honor any such commitments but used them as a device to secure shareholder
approval for the merger, and then steadily and surreptitiously eroded
Chrysler's independence and eviscerated its management team.
If you held Chrysler common stock on August 6, 1998, you may, no later
than January 29, 2000, move to be appointed lead plaintiff. 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.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom
represent plaintiffs in complex litigation. The Berger firm has extensive
experience representing plaintiffs in class action securities litigation and
has played lead roles in major cases over the past 25 years which have
resulted in recoveries of several billion dollars to investors. The firm is
currently representing investors as lead counsel in actions against Rite Aid,
Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions,
Inc. The standing of Berger & Montague, P.C. in successfully conducting major
securities and antitrust litigation has been recognized by numerous courts.
For example:
"Class counsel did a remarkable job in representing the class interests."
In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-
4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"...[Y]ou have acted the way lawyers at their best ought to act. And I
have had a lot of cases ... in 15 years now as a judge and I cannot recall a
significant case where I felt people were better represented than they are
here... I would say this has been the best representation that I have seen."
In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C
7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you held Chrysler common stock on August 6, 1998, or have any questions
concerning this notice or your rights with respect to this matter, you may
contact:
Merrill G. Davidoff, Esquire
Sherrie R. Savett, Esquire
Douglas M. Risen, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.investorprotect.com
e-mail: InvestorProtect@bm.net