Morris and Morris Announces Class Action Suit Filed Against Waste Management, Inc. Alleging Misrepresentations

Business Wire, August 24, 1999

The following is an announcement issued by Morris and Morris:

NEW YORK--(BUSINESS WIRE)--Aug. 24, 1999--

A class action lawsuit was filed on August 18, 1999 in the U.S. District Court for the Southern District of Texas, Houston Division, seeking to pursue remedies under the Securities Exchange Act of 1934 on behalf of all persons (the "Class") who purchased securities of Waste Management, Inc. ("WMI") between May 6, 1999 and July 6, 1999 inclusive (the "Class Period").

The class action complaint alleges a fraudulent scheme and deceptive course of conduct by certain individuals, officers and/or directors of WMI ("Defendants"), who disseminated materially misleading statements during the Class Period. Specifically, these Defendants caused WMI to report revenues and earnings for the first quarter of fiscal 1999, and to project revenues and earnings for WMI's fiscal second quarter 1999, knowing or recklessly disregarding that WMI's reported results were materially inflated by the improper inclusion of nonrecurring items in operating revenues, and that the Defendants' second quarter projections were founded upon highly unreasonable assumptions contrary to the facts known to the Defendants when they issued these projections. These false and misleading reports caused the price of WMI stock to be artificially inflated throughout the Class Period, injuring the Class and enabling the Defendants to reap millions of dollars in insider trading profits for themselves.

Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Morris and Morris. Morris and Morris is a law firm that concentrates on litigating class actions on behalf of investors and shareholders under the federal securities laws.

If you are a member of the Class described above, you may move the Court to serve as lead plaintiff to the Class on or before September 6, 1999. If you wish to discuss this action or have any questions concerning this notice, or your rights with respect to this matter, please contact Patrick F. Morris, Esq. or James A. McShane, Esq. at Morris and Morris by calling toll free 1-800-296-0410 or by e-mail at morrisandmorris@compuserve.com, or by fax at 302/426-0406 or by writing Morris and Morris at 1105 North Market Street, Suite 1600, Wilmington, DE 19801.