Xerox Purchasers -1/25/00 - 7/27/00- File Class Action Suit With the Law Offices of Dennis J. Johnson

Business Wire, Sept 29, 2000

Business Editors and Legal Writers

SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--Sept. 29, 2000

The Law Offices of Dennis J. Johnson announces that a class action lawsuit has been commenced in the United States District Court for the District of Connecticut on behalf of purchasers of the securities of Xerox Corporation ("Xerox" or the "Company") (NYSE:XRX) between January 25, 2000, through and including July 27, 2000, inclusive (the "Class Period").

The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. For example, as alleged in the Complaint, on January 25, 2000, Xerox issued a press release announcing its fourth quarter results and praising the Company's sales in Mexico, among other places. This statement was materially false and misleading because the Company's financial results were materially inflated due to an ongoing accounting fraud at its Mexican subsidiary. Additionally, notwithstanding this accounting fraud, Xerox's accountants, KPMG, issued a false opinion stating that the Company's year end 1999 results complied with Generally Accepted Accounting Principles. On July 27, 2000, Xerox announced that its second quarter 2000 results would be dramatically lower than the market had been led to believe and that it would be forced to take a $78 million charge relating to its Mexican subsidiary.

Plaintiff seeks to recover damages on behalf of class members and is represented by The Law Offices of Dennis J. Johnson. The Law Offices of Dennis J. Johnson is a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs apprized of the occurrences in the litigation. Mr. Johnson was an attorney with the enforcement division of the U.S. Securities and Exchange Commission from 1980-1985 and since that time, has primarily prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors in numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts.

If you bought Xerox securities between January 25, 2000 and July 27, 2000, you may, no later than October 23, 2000, request that the Court appoint you as lead plaintiff. 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: Dennis J. Johnson, Esquire or Jacob B. Perkinson, Esquire at The Law Offices of Dennis J. Johnson, 1690 Williston Road, South Burlington, Vermont 05403, toll free at 1-888-459-7855 or via e-mail at LODJJ@aol.com.