Milberg Weiss Announces The Filing Of A Class Action Suit on Behalf of Purchasers of the Securities of Mirant Corporation

Business Wire, May 29, 2002

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--May 29, 2002

The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on May 29, 2002, on behalf of purchasers of the securities of Mirant Corporation, ("Mirant" or the "Company") (NYSE: MIR) between January 19, 2001 and May 6, 2002, inclusive (the "Class Period"). 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/cases/mirant

The action is pending in the United States District Court for the Northern District of Georgia, located at Richard B. Russell Federal Building and Courthouse, 75 Spring Street, S.W., Atlanta, GA, 30303-3361, against S. Marce Fuller (Chief Executive Officer), Raymond Hill (Chief Financial Officer), Richard Pershing (Executive Vice President and CEO of Mirant North America) and James A. Ward (Principle Accounting Officer).

The complaint charges 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 materially false and misleading statements to the market between January 19, 2001 and May 6, 2002. According to the complaint, Mirant reaped illegal profits in California by artificially manipulating energy prices through a variety of improper tactics. Mirant's fraudulent practices have resulted in investigations by both the Attorney General of the State of California, and the Federal Energy Regulatory Commission, as well as a number of lawsuits filed by California, and consumers. As now revealed, during the Class Period, while Mirant announced quarter-after-quarter of outstanding growth, and assured investors that problems in the California market had been properly accounted for, Mirant, in fact, failed to: (a) provide for the return of illegally obtained revenue, through a charge to earnings; (b) provide for professional fees associated with the investigations arising from the fraud through a charge to earnings; and (c) disclose the fact that the illegally obtained revenue was subject to forfeiture and that investigations surrounding the illegally obtained revenue would result in the expenditure of material amounts for legal and professional fees. As a result, defendants' Class Period financial statements were materially overstated, and failed to comply with Generally Accepted Accounting Principles ("GAAP").

If you bought the securities of Mirant between January 19, 2001 and May 6, 2002, you may, no later than July 29, 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 or 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

or

Kenneth J. Vianale or Maya Saxena

The Plaza

5355 Town Center Road

Suite 900

Boca Raton, FL 33486

Phone number: (561) 361-5000

Email: Mirantcase@milbergNY.com

Website: www.milberg.com