Wolf Haldenstein Announces Tyco International Securities Litigation Jurisdiction Uncertain

Business Wire, Jan 21, 2000

Business Editors &Legal Writers

NEW YORK--(BUSINESS WIRE)--Jan. 21, 2000

The following is an announcement by the law firm of Wolf Haldenstein Adler Freeman &Herz LLP:

Wolf Haldenstein Adler Freeman &Herz LLP which has brought a securities class action lawsuit against Tyco International Ltd. (NYSE: TYC), announced on January 21, 2000, that the courts will be considering whether to consolidate the various cases which have been filed throughout the Country. Cases have been filed in New Hampshire, Florida and New York. A motion made before the Judicial Panel on Multidistrict Litigation will determine which court will hear the case.

Wolf Haldenstein filed a class action lawsuit in the United States District Court for the District of New Hampshire on behalf of investors who bought Tyco stock between October 1, 1998 and December 8, 1999 (the &uot;Class Period&uot;).

The lawsuit charges Tyco and executive officers, Dennis Kozlowski and Mark H. Swartz, with violations of the securities laws and regulations of the United States. The lawsuit alleges that defendants issued a series of false and misleading statements during the Class Period concerning the Company's revenue growth rate. The Complaint further alleges that defendants used deceptive and overly aggressive accounting practices to give the market a false and misleading impression of the Company's revenue growth rate. Meanwhile defendants Kozlowski and Swartz used their inside knowledge regarding the Company's revenues to sell over 2.8 million shares of their own stock at prices close to the Class Period high for proceeds of over $281,000,000.

Between October 13, 1999 and October 29, 1999, several analysts and financial reporters revealed that the Company was engaging in overly aggressive and deceptive accounting practices concerning its acquisitions. Upon the release of these revelations the Company's stock price plummeted from a Class Period high of $52.96 to as low as $35.5625 on November 1, 1999.

On December 9, 1999, the market was further rocked by the announcement that the Securities and Exchange Commission was mounting an investigation of the Company's accounting practices. Upon the release of this announcement the Company's stock sank to as low as $25 1/2 on extraordinarily heavy trading volume.

Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firm of Wolf Haldenstein Adler Freeman &Herz LLP (www.whafh.com). The Wolf Haldenstein firm has a full service commercial practice consisting of approximately 50 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. The firm has achieved recoveries of $2 billion on behalf of investors and shareholders.

If you purchased Tyco stock during the Class Period, you have until February 7, 2000 to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman &Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575- 0735 (Michael Miske, George Peters, Gregory Nespole, Esq., Fred Taylor Isquith, Esq. or Shane T. Rowley, Esq.), via e-mail at classmember@whafh.com or visit our website at www.whafh.com

All e-mail correspondence should make reference to Tyco