Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Expanded Class Period in Class Action Suit Filed Against Waste Management, Inc. and Its Officers and Directors

Business Wire, August 18, 1999

SEATTLE--(BUSINESS WIRE)--Aug. 18, 1999--

Cohen, Milstein, Hausfeld & Toll, P.L.L.C., announced that it has filed a class action in the United States District Court for the Southern District of Texas on behalf of those who purchased or otherwise acquired Waste Management, Inc. ("Waste Management") (NYSE:WMI) common stock during the period between October 8, 1998 and August 2, 1999 (the "Class Period").

The complaint alleges that defendants made false and misleading statements about Waste Management's financial results, its cash flow from operations and the successful integration of mergers and acquisitions. These representations artificially inflated Waste Management's stock price to a Class Period high of $60 and allowed Waste Management's officers and directors to sell $1.3 million shares of their Waste Management stock, for $74.3 million, at prices as high as $56.41 per share.

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 divulged that its results would be even worse than admitted on July 6, 1999 and that it had restated its 1stQ 1999 results. Upon these disclosures, Waste Management's stock price declined to as low as $22-5/16 per share. Most of Waste Management's top officers, including its CEO, president, COO, CFO and General Counsel, have either resigned or been ousted.

If you would like to discuss the pending action or if you have any questions concerning this Notice or the expanded Class Period or if you wish to discuss your rights as a potential class member or lead plaintiff, you may contact Steven J. Toll, Esq., Lori G. Feldman, Esq. or Matthew J. Ide, Esq. of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 999 Third Ave., Suite 3600, Seattle, WA 98104, 888/240-1238 or 206/521-0080.