Patton, Haltom and Nix Patterson & Roach, LLP Announce the Filing of a Class Action Suit Against America Online, Inc. and AOL Time Warner, Inc

Business Wire, August 7, 2002

Business Editors/Legal Writers

TEXARKANA, Texas--(BUSINESS WIRE)--Aug. 7, 2002

Notice is hereby given that on August 7, 2002, a class action suit was filed in the United States District Court for the Eastern District of Texas, Texarkana Division by the law firms of Patton, Haltom, Roberts, McWilliams & Greer, LLP and Nix Patterson & Roach, LLP on behalf of all persons who purchased, converted, exchanged or otherwise acquired the securities of America Online ("AOL") between July 19, 1999 and January 10, 2001 and all persons who purchased, converted, exchanged or otherwise acquired the securities of AOL Time Warner, Inc. ("AOL Time Warner") (NYSE:AOL) between January 11, 2001 and July 17, 2002, inclusive (the "Class Period") against defendants AOL Time Warner and certain of its officers and directors.

The complaint alleges that defendants violated the federal securities laws. The complaint alleges that throughout the Class Period, among other things, defendants made material misrepresentations and/or omitted to state material facts relating to AOL's online advertising revenues. The complaint further alleges that AOL and AOL Time Warner booked revenue from one-time payments received from online advertising clients as advertising revenue in order to artificially inflate their revenues derived from online advertising.

When the truth was revealed regarding AOL in an article in The Washington Post on July 18, 2002, AOL Time Warner stock dropped to as low as $11.75, down from its Class Period high of $58.51.

As a result of Defendants' false and misleading statements, investors were damaged, by purchasing AOL and AOL Time Warner securities at artificially inflated levels during the Class Period.

If you purchased AOL securities between July 19, 1999 and January 10, 2001, inclusive, and/or if you purchased AOL Time Warner securities between January 11, 2001 and July 17, 2002, inclusive, you may, no later than September 16, 2002, request 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 us, or other counsel of your choice, to serve as your counsel in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Patton, Haltom, Roberts, McWilliams & Greer, LLP at the following address:

Patton, Haltom, Roberts, McWilliams & Greer, LLP

Century Bank Plaza - Suite 400

2900 St. Michael Drive

Texarkana, Texas 75503

Tel. No. 1-866-546-9959 x404 (Toll Free)

e-mail: radams@pattonhaltom.com