FOX & KILSHEIMER LLP FILES SECURITIES
FRAUD CLASS ACTION AGAINST XEROX CORPORATION.
NEW YORK – - Kaplan Fox & Kilsheimer LLP ( www.KaplanFox.com
) has filed a Class Action against Xerox Corporation and certain of the Company's officers and directors in the United States District Court for the District of Connecticut. The suit is brought on behalf of all persons or entities who purchased the common stock of Xerox Corporation ("Xerox" or the "Company") (NYSE:XRX) between January 25, 2000 and July 27, 2000.
The complaint charges Xerox and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of false and
misleading statements during the Class Period. Specifically, on January 25, 2000, Xerox issued a press release announcing that the Company is successfully addressing its domestic operational problems, and reporting
excellent growth in its Mexican operations for the fourth quarter of 1999. Xerox, however, had improperly recognized uncollectible receivables as income, and failed to properly account for liabilities. These
misrepresentations were repeated in the Company's Form 10-K, filed on March 27, 2000, which contained a letter from KPMG, representing that, based upon its audits of the Company, the Form 10-K fairly presented the
financial information it contained. This statement was false because KPMG knew, or was reckless in not knowing, of the Company's improper accounting. On July 26, 2000, Xerox announced that its earnings for the second
quarter of 2000 would be below analysts' earnings expectations, and that the Company was cooperating with the SEC's investigation of accounting irregularities in Xerox's Mexican operations. In response to the
announcement, the price of Xerox shares dropped 16% from $18.19 per share to $15.25 per share.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP which
has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com. If you are a member of the Class, you may move the
court no later than October 23, 2000, to serve as a lead plaintiff for the Class. In order to serve as a 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.
Janine R. Azriliant, Esq.
Brigid T. Kavanaugh, Esq.
Kaplan Fox & Kilsheimer LLP
805 Third Avenue - 22nd Floor
New York, NY 10022
Fax: (212) 687-771
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