Wolf Haldenstein Adler Freeman and Herz LLP to Expand IBP Class Period

Apr 16, 2001, 01:00 ET from Wolf Haldenstein Adler Freeman & Herz LLP

    NEW YORK, April 16 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that in response to further disclosures regarding IBP's
 accounting irregularities and alleged GAAP violations in conjunction with
 IBP's acquisition of Corporate Brand Foods America, Inc. and in the
 preparation of the financial reports for IBP's DFG Foods, Inc. subsidiary, as
 well as IBP's disclosure that it will take a $47 million pretax charge in its
 2000 fiscal year, Wolf Haldenstein Adler Freeman & Herz LLP intends to expand
 the Class Period in this pending litigation.  The extended class period will
 be March 25, 1999 through March 29, 2001.
     The amended complaint will cover the recent announcement by IBP that it
 will take a $47 million charge in its 2000 fiscal year in conjunction with
 accounting irregularities in the Company's acquisition of Corporate Brand
 Foods America, Inc. and in the preparation of the financial reports for the
 Company's DFG Foods, Inc. subsidiary, as well as Tyson Foods' termination of
 its proposed acquisition of IBP, based upon its assertion that it "was
 inappropriately induced to enter into the merger agreement" and accusing IBP
 of fraud in seeking to "lure" it into "vastly overpaying" for IBP stock.  The
 amended complaint will further allege that the Company's financial statements
 issued during the Class Period were materially false and misleading and in
 violation of Generally Accepted Accounting Principles.
     In January 2000, class action lawsuits were initiated in the United States
 District Court for the District of Nebraska, on behalf of all persons who
 purchased the common stock of IBP between March 25, 1999 and January 12, 2000,
 inclusive.  The complaints alleged, in part, that IBP and individual
 defendants Robert Peterson and Larry Shipley, issued a series of materially
 false and misleading statements concerning IBP's compliance with numerous
 state and federal environmental regulations without any basis to do so.  In
 particular, defendants repeatedly represented that IBP "believes it is in
 substantial compliance" with applicable environmental regulations and
 guidelines.  At the time that defendants made those statements, however, IBP
 was, in fact, violating numerous state and federal environmental laws at its
 Dakota City, Nebraska and South Sioux City, Nebraska slaughterhouse, tannery,
 and wastewater processing facilities.  The action charges that by defendants'
 wrongful course of conduct, they violated sections 10(b) and 20(a) of  the
 Securities Exchange Act of 1934 (the "Exchange Act), 15 U.S.C. SS 78J(b) and
 78t(a) and Rule 10b-5, 17 C.F.R. S 240.10b-5, promulgated thereunder.
     Plaintiffs seek to recover damages on behalf of class members and is
 represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP.
 Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country. The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach. The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
 
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at 800-575-0735 (Gregory M. Nespole, Esq., George
 Peters, Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or
 visit our website at http://www.whafh.com.
 
 

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
    NEW YORK, April 16 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz
 LLP announces that in response to further disclosures regarding IBP's
 accounting irregularities and alleged GAAP violations in conjunction with
 IBP's acquisition of Corporate Brand Foods America, Inc. and in the
 preparation of the financial reports for IBP's DFG Foods, Inc. subsidiary, as
 well as IBP's disclosure that it will take a $47 million pretax charge in its
 2000 fiscal year, Wolf Haldenstein Adler Freeman & Herz LLP intends to expand
 the Class Period in this pending litigation.  The extended class period will
 be March 25, 1999 through March 29, 2001.
     The amended complaint will cover the recent announcement by IBP that it
 will take a $47 million charge in its 2000 fiscal year in conjunction with
 accounting irregularities in the Company's acquisition of Corporate Brand
 Foods America, Inc. and in the preparation of the financial reports for the
 Company's DFG Foods, Inc. subsidiary, as well as Tyson Foods' termination of
 its proposed acquisition of IBP, based upon its assertion that it "was
 inappropriately induced to enter into the merger agreement" and accusing IBP
 of fraud in seeking to "lure" it into "vastly overpaying" for IBP stock.  The
 amended complaint will further allege that the Company's financial statements
 issued during the Class Period were materially false and misleading and in
 violation of Generally Accepted Accounting Principles.
     In January 2000, class action lawsuits were initiated in the United States
 District Court for the District of Nebraska, on behalf of all persons who
 purchased the common stock of IBP between March 25, 1999 and January 12, 2000,
 inclusive.  The complaints alleged, in part, that IBP and individual
 defendants Robert Peterson and Larry Shipley, issued a series of materially
 false and misleading statements concerning IBP's compliance with numerous
 state and federal environmental regulations without any basis to do so.  In
 particular, defendants repeatedly represented that IBP "believes it is in
 substantial compliance" with applicable environmental regulations and
 guidelines.  At the time that defendants made those statements, however, IBP
 was, in fact, violating numerous state and federal environmental laws at its
 Dakota City, Nebraska and South Sioux City, Nebraska slaughterhouse, tannery,
 and wastewater processing facilities.  The action charges that by defendants'
 wrongful course of conduct, they violated sections 10(b) and 20(a) of  the
 Securities Exchange Act of 1934 (the "Exchange Act), 15 U.S.C. SS 78J(b) and
 78t(a) and Rule 10b-5, 17 C.F.R. S 240.10b-5, promulgated thereunder.
     Plaintiffs seek to recover damages on behalf of class members and is
 represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP.
 Wolf Haldenstein has extensive experience in the prosecution of securities
 class actions and derivative litigation in state and federal trial and
 appellate courts across the country. The firm has approximately 60 attorneys
 in various practice areas; and offices in Chicago, New Jersey, New York City,
 San Diego, and West Palm Beach. The reputation and expertise of this firm in
 shareholder and other class litigation has been repeatedly recognized by the
 courts, which have appointed it to major positions in complex securities
 multi-district and consolidated litigation.
 
     If you wish to discuss this action or have any questions, please contact
 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
 York 10016, by telephone at 800-575-0735 (Gregory M. Nespole, Esq., George
 Peters, Fred Taylor Isquith, Esq.), via e-mail at classmember@whafh.com or
 visit our website at http://www.whafh.com.
 
 SOURCE  Wolf Haldenstein Adler Freeman & Herz LLP