Bernstein Liebhard & Lifshitz, LLP Announces Class Action Lawsuit Commenced Against Aquila, Inc. (ILA)

Market Wire, 20050229

A securities class action lawsuit was commenced on behalf of all persons who purchased or acquired Aquila, Inc. (NYSE: ILA) ("Aquila" or the "Company") securities between April 25, 2001 and December 3, 2001 (the "Class Period"). A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Please visit our website at www.bernlieb.com or contact us at (800) 217-1522 or by email at ILA@bernlieb.com.

The case is pending in the United States District Court, Western District of Missouri. The complaint charges Aquila, certain of its officers and directors, and UtiliCorp United Inc. ("UtiliCorp"), the Company's controlling shareholder, with making material misstatements and omissions concerning Aquila's planned formation of an Audit Committee consisting of independent directors to monitor transactions between UtiliCorp and Aquila. Defendants' failure to timely appoint an independent Audit Committee ultimately permitted UtiliCorp to commence a tender offer pursuant to which it bought back all of the outstanding Aquila Class A common stock at a non-negotiated and less than optimum price per share.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Aquila securities during the Class Period. If you purchased or otherwise acquired Aquila securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 25, 2002.

Alead 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 Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.

Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at www.bernlieb.com.

If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Ms. Linda Flood, Director of Shareholder Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at ILA@bernlieb.com.