FOX & KILSHEIMER LLP ANNOUNCES CLASS ACTION SUIT AGAINST BAKER
NEW YORK -- December 15, 1999/ Kaplan Fox & Kilsheimer LLP has filed a class action in the U.S. District Court for the Southern District of Texas on behalf of all persons
who purchased or otherwise acquired the common stock of Baker Hughes, Inc. (NYSE: BHI) ("Baker Hughes" or the "Company") between July 24, 1998 and December 8, 1999 (the "Class Period").
The lawsuit alleges that during the Class Period, Baker and certain of its top officers and directors reported favorable earnings and failed to disclose that there were accounting issues at the Company which caused
Baker Hughes stock to trade at artificially inflated levels. On December 8, 1999, after the close of the market, defendants announced that its internal accounting department had discovered "various accounting
issues" at its Inteq drilling services unit which could have a cumulative pretax effect "in the range of $40 million to $50 million, including the possible restatement of prior periods." Following
these disclosures, the price of BHI common stock dropped to $19-1/4 per share from a Class Period high of $36-1/4 per share.
Plaintiff seeks to recover damages on behalf of all persons who purchased or
otherwise acquired Baker Hughes common stock during the Class Period. Plaintiff is represented by Kaplan Fox & Kilsheimer LLP, which has many years of experience in prosecuting investor class actions and
extensive experience in actions involving financial reporting and management fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com.
may move the court, no later than 60 days from December 9, 1999 to serve as lead plaintiff. In order to serve as lead plaintiff, you must meet certain legal requirements.
If you have any questions about
this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:
Frederic S. Fox, Esq.
Joel B. Strauss, Esq.
Adrienne L. Valencia, Esq.
Kaplan Fox & Kilsheimer LLP
Fax: (212) 687-7714
E-mail address: mail@KaplanFox.com
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