Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against DaimlerChrysler AG
5 December 2000
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against DaimlerChrysler AG
WASHINGTON, Dec. 5 The following notice is issued by the
law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its
client, who filed a lawsuit November 30, 2000 in the United States District
Court for the Eastern District of Michigan, on behalf of: a) purchasers of
the stock of DaimlerChrysler ("DaimlerChrysler") during the period
between November 14, 1998 and October 29, 2000 (the "Class Period"); b)
persons who owned Chrysler stock as of July 20, 1998; and c) persons who
received DaimlerChrysler stock in exchange for Chrysler stock as a result of
the merger of Daimler-Benz and Chrysler Corporation. The lawsuit alleges that
in order to finalize the largest transaction in the history of the automobile
industry, Defendants Daimler-Benz AG and DaimlerChrysler and certain officers
and directors of Daimler-Benz misled all shareholders into approving the
merger of Daimler-Benz and Chrysler Corporation. Specifically, defendants
asserted that the merger would be a true "merger of equals" in which Daimler-
Benz and Chrysler would operate as two equal companies. In direct contrast,
defendants knew, and eventually admitted, that they never intended the
transaction to be a merger of equals. Defendants always intended to relegate
Chrysler to the status of a "division" and to replace Chrysler's management
with executives from Daimler-Benz's headquarters in Stuttgart, Germany.
The Complaint claims violations of Sections 10(b), 14(a) and 20 of the
Securities Exchange Act of 1934 and Sections 11, 12 and 15 of the Securities
Act of 1933.
Plaintiff's counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has
significant experience in prosecuting investor class actions and actions
involving financial fraud. The firm has offices in Washington, D.C. and
Seattle, Washington and is active in major litigation pending in federal and
state courts throughout the nation.
The firm's reputation for excellence has been recognized on repeated
occasions by courts which have appointed the firm to lead positions in complex
multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll,
P.L.L.C. has taken a lead role in numerous important cases on behalf of
defrauded investors, and has been responsible for a number of outstanding
recoveries which, in the aggregate, total hundreds of millions of dollars or
more.
If you: a) purchased shares of DaimlerChrysler during the Class Period; b)
owned Chrysler stock as of July 20, 1998; or c) received DaimlerChrysler stock
in exchange for Chrysler stock as a result of the merger, you may move the
Court no later than sixty days after November 30, 2000 to serve as lead
plaintiff for the Class. In order to serve as lead plaintiff, you must meet
certain legal standards.
If you have any questions about this notice or the action, or with regard
to your rights, please contact either of the following:
Andrew N. Friedman, Esq. or Robert Smits
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
Suite 500 - West Tower
Washington, D.C. 20005
Telephone: 888-240-0775 or 202-408-4600
E-mail address: afriedman@cmht.com OR rsmits@cmht.com