Milberg Weiss Announces Class Action Suit Against Adelphia Communications Corporation

Business Wire, April 2, 2002

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--April 2, 2002

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on April 2, 2002, on behalf of purchasers of the securities of Adelphia Communications Corporation ("Adelphia" or the "Company") (NASDAQ: ADLAC) between April 2, 2001 and April 1, 2002, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/adelphia/

The action is pending in the United States District Court, Eastern District of Pennsylvania, located at 601 Market Street, Philadelphia, PA, against defendants Adelphia, Timothy Rigas (CFO) and John J. Rigas (President, CEO and Chairman).

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 between April 2, 2001 and April 1, 2002, thereby artificially inflating the price of Adelphia securities. The complaint alleges that, throughout the Class Period, Adelphia failed to disclose billions of dollars of off-balance sheet debt. As alleged in the complaint, unbeknownst to investors, Adelphia guaranteed credit facilities for certain closely-held partnerships, which are controlled by the Rigas Family (the Company's controlling shareholder), and which used the money, in substantial part, to purchase securities from Adelphia. Defendants first disclosed the existence of the off-balance sheet debt during an earnings conference call on March 27, 2002. Then, on April 1, 2002, Adelphia announced that it was requesting an extension to file its Annual Report on Form 10-K with the SEC. The Company reported that the extension was being sought to allow the Company and its outside auditors additional time to review certain accounting matters relating to co-borrowing credit facilities which Adelphia is party to. In response to these negative announcements, the price of Adelphia common stock dropped from $20.39 per share on March 26, 2002, to $13.12 per share on April 1, 2002. The price of Adelphia debt securities also materially declined.

If you bought the securities of Adelphia between April 2, 2001, and April 1, 2002 you may, no later than June 3, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.

Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm.

If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:

Steven G. Schulman or Samuel H. Rudman
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email: adelphiacase@milbergNY.com
Website: http://www.milberg.com