Milberg Weiss Updates Class Action Suit Against Waste Management, Inc. and Its Officers and Directors Alleging Misrepresentations and Insider Trading

Business Wire, August 16, 1999

SAN DIEGO--(BUSINESS WIRE)--Aug. 16, 1999--

Milberg Weiss announces an update to the class action which has been commenced in the United States District Court for the Southern District of Texas against Waste Management, Inc. ("Waste Management") (NYSE:WMI) and certain of its officers and directors with violations of the Securities Exchange Act of 1934.

On July 6, 1999, Waste Management admitted that revenues and earnings would be much lower than previously represented. Waste Management's stock price immediately dropped falling to as low as $32 on volume of 70.3 million shares, the largest one day drop in the Company's history. Waste Management later reported results for the second quarter of 1999 that were even worse than admitted on July 6, 1999 and that it had restated its 1stQ 1999 results to reduce its previously reported income from operations by more than $27 million. Upon these disclosures, Waste Management's stock price declined to as low as $24-3/16 per share. Waste Management has also announced that its Chairman, President, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and General Counsel have all been ousted or resigned.

If you purchased Waste Management common stock between March 31, 1999 and August 2, 1999, and wish to serve as lead plaintiff, you must move the court no later than 60 days from July 8, 1999. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900, via e-mail at wsl@mwbhl.com.