Milberg Weiss Announces Expanded Class Period in Class Action Suit Filed Against Waste Management, Inc. and Its Officers and Directors

Business Wire, August 24, 1999

SAN DIEGO--(BUSINESS WIRE)--Aug. 24, 1999--

Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) today announced that a class action has been commenced 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 charges Waste Management and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that in order to artificially inflate Waste Management stock during the Class Period, defendants made false and misleading statements about Waste Management's financial results, the impact of its price adjustments, its competitive position, its cash flow from operations and the successful integration of mergers and acquisitions with Waste Management's operations, which would result in Waste Management achieving strong earnings per share ("EPS") growth in 1999 and 2000, specifically, EPS of $3.00-$3.05 and $3.60 in those years, respectively, with EPS growth going forward. 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.

Plaintiff seeks to recover damages on behalf of all purchasers of Waste Management common stock during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.

If you are a member of the Class described above, you may, no later than 60 days from July 8, 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, please contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com.