Horizon Group Properties Files Securities Action Against Dissident Holders

Apr 26, 2001, 01:00 ET from Horizon Group Properties, Inc.

    CHICAGO, April 26 /PRNewswire/ -- Horizon Group Properties, Inc. ("HGP")
 (Nasdaq:   HGPI), an owner, operator and developer of factory outlet and power
 centers, today announced that it has filed in Federal district court in
 Chicago, Illinois a suit against Robert M. Schwartzberg (Washington, DC), John
 C. Loring (Chicago, Illinois) and Howard M. Amster (Beachwood, OH) alleging
 that the defendants have violated Federal securities laws in connection with
 the purported nominations of Mr. Schwartzberg and Mr. Loring as nominees for
 election to HGP's board of directors at HGP's upcoming annual meeting on
 May 8, 2001.  This suit alleges, among other things, that the defendants have
 made false and misleading statements in their solicitation materials.  HGP has
 filed motions seeking a temporary restraining order and preliminary injunctive
 relief, which the Federal court has scheduled to hear on Monday, April 30,
 2001.
     Based in Chicago, Illinois, Horizon Group Properties, Inc. owns 11 factory
 outlet centers and one power center in 9 states totaling more than 2.5 million
 square feet.
     Safe Harbor Statement:  The statements contained herein, which are not
 historical facts, are forward-looking statements which, by their nature,
 involve known risks, uncertainties and other factors which may cause the
 actual outcome of the aforesaid litigation to be materially different from any
 future results that might be implied by such statements.  For further
 information on factors which could impact the Company and the statements
 contained herein, reference is made to the Company's filings with the
 Securities and Exchange Commission.
 
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SOURCE Horizon Group Properties, Inc.
    CHICAGO, April 26 /PRNewswire/ -- Horizon Group Properties, Inc. ("HGP")
 (Nasdaq:   HGPI), an owner, operator and developer of factory outlet and power
 centers, today announced that it has filed in Federal district court in
 Chicago, Illinois a suit against Robert M. Schwartzberg (Washington, DC), John
 C. Loring (Chicago, Illinois) and Howard M. Amster (Beachwood, OH) alleging
 that the defendants have violated Federal securities laws in connection with
 the purported nominations of Mr. Schwartzberg and Mr. Loring as nominees for
 election to HGP's board of directors at HGP's upcoming annual meeting on
 May 8, 2001.  This suit alleges, among other things, that the defendants have
 made false and misleading statements in their solicitation materials.  HGP has
 filed motions seeking a temporary restraining order and preliminary injunctive
 relief, which the Federal court has scheduled to hear on Monday, April 30,
 2001.
     Based in Chicago, Illinois, Horizon Group Properties, Inc. owns 11 factory
 outlet centers and one power center in 9 states totaling more than 2.5 million
 square feet.
     Safe Harbor Statement:  The statements contained herein, which are not
 historical facts, are forward-looking statements which, by their nature,
 involve known risks, uncertainties and other factors which may cause the
 actual outcome of the aforesaid litigation to be materially different from any
 future results that might be implied by such statements.  For further
 information on factors which could impact the Company and the statements
 contained herein, reference is made to the Company's filings with the
 Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X57273761
 
 SOURCE  Horizon Group Properties, Inc.