Wechsler Harwood Files Class Action Against Waste Management, Inc

Business Wire, August 16, 1999

NEW YORK--(BUSINESS WIRE)--Aug. 16, 1999--

The following was released today by Wechsler Harwood Halebian & Feffer LLP:

Notice is hereby given that a class action lawsuit was filed on July 15, 1999, in the United States District Court for the Southern District of Texas on behalf of all persons and/or entities that purchased Waste Management, Inc. (NYSE: WMI) ("Waste Management" or the "Company") securities, between March 31,1999 and July 6, 1999, inclusive (the "Class Period").

The complaint charges Waste Management and certain of its officers and directors with violations of the federal securities laws and regulations. Specifically, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements concerning the Company's price adjustments, its competitive position, its cash flow from operations and the successful integration of USA Waste Services' operations with Waste Management's operations. Ultimately, on July 6, 1999, the Company admitted that revenues and earnings would be much lower than previously represented. Following this disclosure, Waste Management's stock price fell to as low as $32 on volume of 70.3 million shares, the largest one day drop in the Company's history. During the Class Period, certain Company insiders sold tens of thousands of their own shares to unsuspecting investors at artificially inflated prices, reaping over $57 million in profits.

Plaintiff seeks to recover damages on his own behalf and on behalf of all purchasers of Waste Management securities within the Class Period. Plaintiff is represented in this class action by the New York law firm of Wechsler Harwood Halebian & Feffer LLP, which has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The firm's reputation and expertise in shareholder and other class actions have repeatedly been recognized by the courts.

If you are a member of the class described above, you may, not later than September 6, 1999, 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 notice or your rights or interests with respect to this matter, please contact Robert I. Harwood, Esq., Samuel K. Rosen, Esq. or Jonathan Schwartz, Esq. at Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, through our web site at www.whhf.com, by e-mail at srosen@whhf.com or jschwartz@whhf.com, or by telephone on the firm's toll free line, 877-935-7400.