Kaplan, Kilsheimer & Fox LLP Files Class Action Suit Against Waste Management, Inc

Business Wire, August 6, 1999

NEW YORK--(BUSINESS WIRE)--Aug. 5, 1999--

The following statement was issued today by the law firm of Kaplan, Kilsheimer & Fox LLP:

Kaplan, Kilsheimer & Fox LLP today announced that a class action against Waste Management, Inc. ("WMI" or the "Company") (NASDAQ: WMI) and certain of its officers and directors has been filed in the United States District Court for the Southern District of Texas. The suit is brought on behalf of all persons or entities who purchased or acquired common stock of WMI between March 31, 1999 and August 3, 1999 inclusive (the "Class Period").

The lawsuit charges WMI and certain of its top officers and directors with violations of the securities laws and regulations of the United States. The complaint alleges that during the Class Period, defendants issued a series of false and misleading statements and failed to disclose material facts, including the Company's price adjustments, its competitive position, its cash flow from operations and the successful integration of USA Waste Services into WMI's operations that would result in achieving strong earnings per share. These misrepresentations artificially inflated WMI's stock price and allowed certain officers and directors of WMI to sell their shares for over $53 million in profits.

The defendants' fraudulent scheme began to unravel when the Company announced that its financial statements could not be relied upon and that restatements would be required. The Company further announced that it was dismissing its chief financial officer and general counsel.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan, Kilsheimer & Fox LLP, which has many years of experience in prosecuting investor class actions and actions involving financial fraud.

If you are a member of the Class, you may move the court, no later than September 6, 1999, to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.

If you have any questions about this Notice, the action, or your rights, please contact:

Frederic S. Fox, Esq. Janine R. Azriliant, Esq. Donald R. Hall, Esq. Kaplan, Kilsheimer & Fox LLP (800) 290-1952 (212) 687-1980 e-mail address: info@kkf-law.com fax: (212) 687-7714 805 Third Avenue -- 22nd Floor New York, NY 10022