Lockridge Grindal Nauen P.L.L.P. Announces Class Action Suit Against Tyco International Ltd. and Certain of its Officers and Directors

Business Wire, Feb 25, 2002

Business Editors & Legal Writers

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 25, 2002

Lockridge Grindal Nauen P.L.L.P. announced today that a class action has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of Tyco International Ltd. ("Tyco" or "the Company") (Nasdaq:TYC) common stock during the period between December 13, 1999 through February 1, 2002, inclusive (the "Class Period") against Tyco and certain of its officers and directors, including L. Dennis Kozlowski, Mark H. Swartz, Lord Michael A. Ashcroft, Mark Belnick, and Frank E. Walsh, Jr. (the "Individual Defendants").

The Complaint charges that defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements to the market in press releases and public filings during the Class Period with respect to the Company's financial condition. Additionally, the Complaint alleges that Tyco and the Individual Defendants, as officers and/or directors of the Company, failed to disclose that: (i) the corporate atmosphere at Tyco was one in which the Individual Defendants were encouraged to pursue their own interests, at the expense of the Company and its shareholders, by establishing a bonus plan that rewarded individuals who acquired companies with very high but very short term profitability; (ii) Tyco spent several billion dollars of capital on hundreds of cash acquisitions during the Class Period; (iii) Tyco's management orchestrated numerous payments to insiders, including a $20,000,000 payment to one Company director who operated a charity with interests beneficial to Tyco; and (iv) the Individual Defendants sold more than $155,000,000 of their own stock holdings to the Company.

The Company's false and misleading statements had the effect of artificially inflating the price per share of Tyco's common stock. The discovery of Tyco's questionable financial dealings and misrepresentations led to a dramatic drop in Tyco's stock price resulting in substantial losses to its shareholders.

Plaintiffs are represented by the law firm of Lockridge Grindal Nauen P.L.L.P. The firm has considerable experience in prosecuting securities class actions, and has offices in Minneapolis, Minnesota and Washington, D.C.

If you bought Tyco International Ltd. common stock between December 13, 1999 through February 1, 2002, inclusive, and would like to represent the Class as lead plaintiff, you must move the Court no later than April 8, 2002. This may be accomplished by contacting Lockridge Grindal Nauen P.L.L.P. Anyone who purchased Tyco common stock during the Class Period not wishing to serve as lead plaintiff may choose to do nothing and remain an absent Class member. Any member of the proposed Class with questions or seeking information regarding this action, may call or write: