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ATTENTION: Investors in Allegheny County Industrial Development Authority Landfill Gas Recycling Facility Revenue Bonds Tax-Exempt Series 1998 C (Lanchester Energy Partners, L.P. Allegheny Projects)
by Anonymous
On April 14, 2003, Plaintiff Irvin S. Lieberman filed a Class Action Complaint in the United States District Court for the Eastern District of Pennsylvania, bearing the caption Lieberman v. Cambridge Partners LLC and J.B. Hanauer & Co., civil action number 03-2317. In his Class Action Complaint, plaintiff asserts claims against Cambridge Partners and J.B. Hanauer for violations of the federal securities laws with regard to tax exempt and taxable bonds they sold issued by the Allegheny County, Pennsylvania Industrial Development Authority related to the Lanchester Energy Partners, L.P. project (the “Bonds”).
Plaintiff alleges that the offering materials through which defendants sold the Bonds contained materially false and misleading representations. The offering materials falsely stated that, among other things, that the project would be able to process commercial grade methane from landfill gas and sell that gas through pipeline to a public utility. The offering materials falsely stated that the project was to be based upon proven technology when, in fact, the technology was highly experimental. Finally, the offering materials were materially false and misleading in that the interest rate on the Bonds did not reflect the risks associated with the project and implied that the project, and hence the Bonds, were safer than they actually were.
Plaintiff has filed this action on behalf of a class of all persons who purchased the Bonds, excluding defendant and persons related to defendant. YOU DO NOT NEED TO DO ANYTHING AT THIS TIME TO PARTICIPATE AS A MEMBER OF THE CLASS. IF THERE IS A SUCCESSFUL CONCLUSION TO THIS LITIGATION YOU WILL BE NOTIFIED TO SUBMIT A CLAIM. As an investor in the Bonds and a member of the proposed Class, you are entitled to seek appointment as a lead plaintiff in this litigation. If you wish to seek appointment as lead plaintiff you have until August 19, 2003 to intervene in the litigation and move for appointment as lead plaintiff. If you have questions regarding this litigation you may contact John Innelli or Michael Molder at (215) 627-3394 or via e-mail to admin@innellilaw.com.
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