Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Tyco International Ltd

Business Wire, Dec 23, 1999

Business Editors, Legal Writers

WASHINGTON--(BUSINESS WIRE)--Dec. 23, 1999

The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. on behalf of its client, who, on December 22, filed a lawsuit in the United States District Court for the District of New Hampshire on behalf of all persons or entities who purchased or otherwise acquired the securities of Tyco International Ltd. between October 1, 1998 and December 8, 1999 (the "Class Period").

The Complaint charges that Tyco and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that defendants caused Tyco to utilize accounting methods which made it appear that U.S. Surgical Corporation and AMP Inc., two of the companies recently acquired by Tyco, were experiencing healthy growth after they were acquired by Tyco. In fact, the appearance of growth was misleading to investors since it was not disclosed that defendants caused U.S. Surgical and AMP to write off large assets just prior to these acquisitions being finalized. Because the extent and nature of these write-offs were not fully and clearly disclosed in SEC filings or elsewhere, purchasers of Tyco securities during the Class Period were misled and paid artificially high prices for their Tyco securities.

Plaintiff's counsel in this action -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions involving financial fraud. The firm has offices in Washington, D.C. and Seattle, Washington and is active in major litigation pending in federal and state courts throughout the nation.

The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.

If you are a purchaser of Tyco securities as described above, you may move the Court no later than sixty days from December 9, 1999 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Andrew N. Friedman or Robert Smits at 888/240-0775 or 202/408-4600 (1100 New York Avenue, N.W., Suite 500 - West Tower, Washington, D.C. 20005).