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Barrack Rodos & Bacine Commences Securities Fraud Class Action on Behalf of All Purchasers of Lehman ABS Corporate Backed Trust Certificates, Verizon New York Debenture-Backed Series 2004-1 Trust PHILADELPHIA, June 9 /PRNewswire/ -- Barrack, Rodos & Bacine, today issued the following:A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Corporate Backed Trust Certificates, Verizon New York Debenture-Backed Series 2004-1 ("Certificates") issued by Lehman ABS Corp. between January 5, 2004 and May 11, 2004, inclusive (the "Class Period"). On May 7, 2004, LABS announced that Verizon New York, Inc. ("Verizon NY"), the issuer of the Debentures underlying the Certificates had elected to suspend the required reports and that the Trust must be terminated. This announcement triggered an event of default under the terms of the Trust, requiring the liquidation of the Trust assets. The price of the Certificates closed at $22 on May 11, 2004, the day that the Trustee announced that it would liquidate the Debentures and the last day of trading for the Certificates. The Complaint alleges that the Prospectus was materially false and misleading because it omitted to state material information that the defendants had an obligation to disclose, including the material fact that Verizon, the parent of Verizon NY, had previously elected to suspend filing periodic SEC reports for six of its domestic operating telephone subsidiaries in February 2003; that Verizon NY, one of 16 operating companies owned by Verizon that filed reports with the SEC; and that Verizon had established a plan in early 2003 to change its funding procedures, which plan included the possible deregistration of the public debt of its domestic operating telephone subsidiaries, including Verizon NY. The complaint seeks to recover damages on behalf of all persons who purchased, acquired and otherwise invested in the Certificates during the Class Period. Barrack, Rodos & Bacine has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for more than 25 years. The firm has offices in Philadelphia, San Diego, New York and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. For more information about Barrack, Rodos & Bacine, please visit their website at http://www.barrack.com/. If you are a member of the Class described above, you may, no later than August 2, 2004, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this case or your rights or interests, please contact Maxine Goldman, Shareholder Relations Manager, at Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, 215-963-0600, fax number 215-963-0838 or by e-mail at [email protected]. CONTACT: Barrack, Rodos & Bacine, Shareholder Relations Manager, 215-963-0600, or fax 215-963-0838, or e-mail, [email protected]. Barrack, Rodos & Bacine CONTACT: Barrack, Rodos & Bacine, Shareholder Relations Manager,+1-215-963-0600, or fax: +1-215-963-0838, or [email protected] Web site: http://www.barrack.com/ |