CAR_Public/020328.mbx                C L A S S   A C T I O N   R E P O R T E R
  
                Thursday, March 28, 2002, Vol. 4, No. 62

                            Headlines

FIRST ALLIANCE: $60M "Deceptive Practices" Settlement Awaits Approval
FORD MOTOR: Judge Refuses To Halt Foreign Suits Over Rollover Accidents
MERIDIA LITIGATION: Pharmaceutical Firms Face Suit Over Meridia Drug
MICROSOFT CORP.: Justice Dept Given Chance To Respond To Objections
TOBACCO LITIGATION: Three Major Companies Sued Over "Light" Cigarettes

US NAVY: Subic Bay Naval Base Workers To Sue Over Asbestos Exposure
WEAPONS LABS: Agree To Change Hiring Ways To End Asian-American Boycott

                          Securities Fraud

ALLIANCE CAPITAL: IL Court Dismisses Without Prejudice Securities Suit
BRISTOL-MYERS SQUIBB: Schiffrin Barroway Files Securities Suit in NY
BRISTOL-MYERS SQUIBB: Marc Henzel Commences Securities Suit in S.D. NY
BSQUARE CORPORATION: NY Court Orders Securities Suits Consolidated
CALPINE CORPORATION: Marc Henzel Commences Securities Suit in N.D. CA

CORVIS CORPORATION: NY Court Orders Consolidation of Securities Suits
CVS CORPORATION: MA Federal Court Consolidates Securities Fraud Suits
DYNACQ INTERNATIONAL: Stull Stull Commences Securities Suit in S.D. TX
GSV INC.: NJ Federal Court Dismisses Securities Suit With Prejudice
JP MORGAN: To Mount Vigorous Defense v. Securities Suits Over Enron

JP MORGAN: Schiffrin Barroway Commences Securities Suit in S.D. NY
JP MORGAN: Cauley Geller Commences Securities Suit in S.D. New York
L90 INC.: Marc Henzel Commences Securities Suit in C.D. California
MEASUREMENT SPECIALTIES: Milberg Weiss Commences Securities Suit in NJ
MEASUREMENT SPECIALTIES: Marc Henzel Commences Securities Suit in NJ

MEDI-HUT CO.: Rabin Peckel Commences Securities Suit in New Jersey
METAWAVE COMMUNICATIONS: Marc Henzel Lodges Securities Suit in W.D. WA
NEW FOCUS INC.: CA Court Dismisses Without Prejudice Securities Suit
NEWPOWER HOLDINGS: Wolf Popper Commences Securities Suit in S.D. NY
NVIDIA CORPORATION: Robbins Umeda Commences Securities Suit in N.D. CA

OWENS CORNING: Asks MA Federal Court To Dismiss Securities Fraud Suit
PERINI CORPORATION: NY Court Dismisses Preferred Shareholders Suit
TREX COMPANY: Asks Court to Dismiss Consolidated Securities Suit in VA
UBS PAINEWEBBER: Spencer Associates Launches Securities Suit in S.D. TX
                              
                            *********

FIRST ALLIANCE: $60M "Deceptive Practices" Settlement Awaits Approval
---------------------------------------------------------------------
Nearly 500 poor and elderly Maryland residents could share in a $60
million settlement that the federal government reached with a
California home mortgage company accused of deceptively charging
clients exorbitant fees and interest rates, The Baltimore Sun recently
reported.

First Alliance Mortgage Corporation, in an agreement with the Federal
Trade Commission, said it will repay nearly 18,000 borrowers from 18
states and the District of Columbia, who obtained loans from January 1,
1992 through March 23, 2000, when the Company filed for bankruptcy.

During that period, the Company approved 514 loans to 472 borrowers in
Maryland.  Nearly 100 of those borrowers lived in the Baltimore area.  
FTC officials said yesterday that the average compensation for victims
will be $2,500 to $3,500.  The Company admitted no wrongdoing.  The
settlement is subject to approval by a federal court in Santa Ana,
California.

The agreement with the Company is the largest case involving predatory
lending that ever has been settled by the FTC, said Joel Winston,
associate director for financial practices with the Commission's Bureau
of Consumer Protection.

The AARP, six states and lawyers representing individuals and class-
action groups also have filed lawsuits against the company, and helped
FTC propose a settlement.  "It is a sign that the federal government,
along with the states and other groups, will work in a coordinated way
to combat lending fraud because of the potential harm to consumers,"
said Mr. Winston.

The lawsuits alleged that the mortgage company targeted elderly people
who had considerable home equity but needed money to repay other debts.
The Company also is accused of charging customers fees that amounted
to 10 percent to 25 percent of their loans.

In other cases, customers claimed that the Company had given them
adjustable-rate mortgages without telling them.  Many of the plaintiffs
said they did not find out until they received exorbitant bills months
later.

Under the proposed agreement, the borrowers would be paid from assets
in the Company's bankruptcy estate.  Company executive Bruce Chisick
and his wife Sarah, who served on the board of directors, were ordered
to pay $20 million from their personal funds.   An additional $4
million will come from insurance policies.

"Predatory lending has been an explosive problem in the last decade,"
said Stuart Cohen, managing attorney for the AARP.  "We hope this
settlement sends a message both to the financial institutions that have
provided funding for these types of practices, (and) to the people
directly engaged in predatory lending, that there is a collective
effort (not) to allow these practices to occur without (their) being
challenged."


FORD MOTOR: Judge Refuses To Halt Foreign Suits Over Rollover Accidents
-----------------------------------------------------------------------
Federal Judge Sarah Evans Barker refused to dismiss hundreds of
lawsuits against Ford Motor Company and Bridgestone Corporation's
Firestone unit relating to Ford Explorer rollover accidents occurring
in Venezuela and Colombia, Reuters reports.

Hundreds of personal injury and class actions were filed against the
two Companies, after Ford Explorers equipped with Firestone tires
started getting into accidents last year.  Federal investigations later
revealed that tread separation of the tires caused the accidents, which
resulted to 271 deaths and more than 800 injuries in the United States.

Judge Barker, in her ruling, stated that the two companies did not
prove the lawsuits would get an adequate hearing in Venezuela, and that
the public interest would not be served by dismissing the Colombian
accidents.  "While we cannot ignore Colombia's interest in the safety
of its citizens, neither can we ignore the US interest in these cases
as evidenced by congressional testimony about the notice Ford and
Firestone received on the alleged defects through the accidents in
South America," Judge Barker wrote in her decision.

Firestone told Reuters it was "extremely disappointed" by the decision
and is considering an appeal.  "We believe these disputes should be
resolved in the countries where the accidents occurred, where the
plaintiffs and their families live and where the witnesses and
investigating officers are located," the company said in a statement.

Ford also said it would appeal.  Company spokeswoman Kathleen Vokes
told Reuters, "It means U.S. citizens will now have to get in line at
the courthouse behind individuals from other countries.Any time a
foreign citizen has a problem with a product that has any part designed
or manufactured in the US and sold in their country, they will be
allowed to sue in the US courts."


MERIDIA LITIGATION: Pharmaceutical Firms Face Suit Over Meridia Drug
--------------------------------------------------------------------
A nationwide class action was commenced against Abbott Laboratories and
Knoll Pharmaceuticals, over the diet drug Meridiar, sibutramine
hydrochloride monohydrate, which allegedly increases the risk of
cardiac complications.

It is estimated that over 8.6 million people in 70 countries have used
Meridia. On March 19, 2002, Public Citizen petitioned the Food and Drug
Administration (FDA) to remove Meridia from the market. According to
the petition, there have been almost 400 serious adverse reactions
reported to the FDA since Meridia was first marketed in February 1998,
through September, 2001. These serious reactions included almost 30
deaths, over 150 patients hospitalized and almost 150 patients with
arrhythmia. Of the almost 30 deaths, 19 died of cardiovascular causes
including 10 people under the age of 50, three of whom were women under
the age of 30.

On March 8, 2002, the Italian Health Ministry suspended the sale of
Meridia (a/k/a Reductil, Reduxade and Ectiva) following 50 reports of
adverse events. According to British Department of Health, over 200
patients taking Meridia reported adverse reactions, including 2 deaths.
In December 2001, Britain's Drug and Therapeutics Bulletin warned that
Meridia had limited benefits and unwanted side effects. French drug
regulators have also reported receiving almost 100 cases of side
effects.

According to Abbott, since the first clinical trials began, there have
been 34 deaths reported worldwide in patients using Meridia, 28 in the
United States, 2 in Italy, 2 in Britain, 1 in South Africa and 1 in
Switzerland.

The FDA estimates that approximately 20,000 Meridia prescriptions are
filled in the United States each week. In 1997, before receiving FDA
approval, an FDA advisory committee voted 5-4 that the benefits of
Meridia did not outweigh its risks. Meridia was reviewed by an FDA
medical officer who recommended that it not be approved because
research showed the potential for cardiac complications.

According to Kenneth Moll, lawyer for the plaintiffs, "Meridia should
never have been approved. The clinical tests clearly show that the
risks of death and serious injuries greatly outweigh its minimal
effectiveness."

For more information, contact Mike O'Meara or Carrie Graziani of
Kenneth B. Moll and Associates by Phone: 312-558-6444 by Fax:
312-558-1112 by E-mail: lawyers@kbmoll.com or visit the firm's Web
site: http://www.kbmoll.com


MICROSOFT CORP.: Justice Dept Given Chance To Respond To Objections
--------------------------------------------------------------------
US District Judge Colleen Kollar-Kotelly offered the US Justice
Department the chance to offer its opinion on whether or not nine
states have the right to ask for strong, nationwide penalties against
software giant Microsoft Corporation, Associated Press reports.

The states oppose the settlement, crafted by the Justice Department
with nine other states and the Company, to settle state antitrust suits
accusing Microsoft of unfairly using their competitive advantage to
overprice its software.  The dissenting states say the settlement is
not harsh enough and call for stronger penalties against Microsoft.  
The Company has asked Judge Kollar-Kotelly to dismiss the dissenting
states' suit, on the grounds that only the federal government can seek
nationwide penalties.

"In light of Microsoft's apparent concern for the authority of the
United States .it seems most prudent to ask the United States to
enlighten the court with its views on the issues," Judge Kollar-Kotelly
wrote.  The Justice Department had no immediate comment, according to
an AP report.


TOBACCO LITIGATION: Three Major Companies Sued Over "Light" Cigarettes
----------------------------------------------------------------------
Class actions have been filed against three of the nation's largest
tobacco companies over "light cigarettes" following an Oregon jury's
award of $150 million to a woman who charged Philip Morris Companies
with misleading smokers to believe "light" cigarettes were safer, the
Associated Press reports.  The suits name as defendants Philip Morris,
RJ Reynolds Tobacco Company and Brown and Williamson Corporation.

The suits charge the Companies with consumer protection laws
violations.  Philadelphia lawyer Stephen Sheller told AP, "It's a scam,
because they get people to believe that they reduce health risks when
that is a false statement."

The Companies use the "light" term to describe cigarettes with less
than 15 milligrams of tar, which helps deliver nicotine to smokers.  In
the 1960s, health advocates widely believed that this could help reduce
health risks.  

However, studies conducted by the American Cancer Society, commenced in
the 1980s, revealed that lung cancer death rates continued to rise
among smokers, despite lower tar levels.  Another study by the National
Cancer Institute revealed that cigarettes that yielded low tar and
nicotine when tested on government-approved machines gave off higher
levels when smoked by people. That's because people who smoke lights
tend to inhale more deeply and take more puffs to get the nicotine they
need, the Associated Press reports.

The suits cite these studies as evidence.  They also pointed to certain
advertisements by the companies, allegedly encouraging people to try
"light cigarettes" as a safer alternative to regular cigarettes.  Mr.
Sheller referred to a 1999 Brown & Williamson ad for Carlton cigarettes
that read, "Isn't it time you started thinking about number one?"  A
1974 RJ Reynolds ad carried the headline "To smoke or not to smoke" and
suggested if smokers did not want to quit, they should try Vantage.

The defendants have denied the allegations in the lawsuits.  RJ
Reynolds spokesman, Seth Moskowitz, told AP cigarette manufacturers use
terms like "full-flavor," "lights" and "ultra lights" to differentiate
strength of taste and amount of tar and nicotine.  "These terms do not,
and are not meant to, imply that any cigarette brand style or any
category of cigarettes is safer than any other," he said.

William Ohlemeyer, Philip Morris' vice president and associate general
counsel, said the Company never attempted to deceive anyone.  "There is
a warning on these cigarettes that is identical to every pack of
cigarettes sold in this country," Mr. Ohlemeyer told AP. "There is no
such thing as a safe cigarette. No one has ever advertised these
cigarettes as being safe."


US NAVY: Subic Bay Naval Base Workers To Sue Over Asbestos Exposure
-------------------------------------------------------------------
A US-trained Filipino lawyer plans to file a class action against the
United States Navy on behalf of former shipyard workers at the Subic
Naval Base in Olongapo City, Philippines who presently suffer from
asbestosis and other ailments allegedly caused by exposure to asbestos
while working in the base.

Lawyer Perfecto Yasay and environment lawyer Ben Kudo met with members
of the Subic Asbestos Victims Association (SAVA) last week to discuss
the suit.  Some 4,000 workers might participate in the suit.  The
workers allegedly contracted illnesses from exposure to asbestos-
containing materials, used in consumer, industrial, maritime and
building products.

Mr. Yasay has vowed to support the victims and push for a ban on the
use of asbestos in the country, according to a Philippine Star report.


WEAPONS LABS: Agree To Change Hiring Ways To End Asian-American Boycott
-----------------------------------------------------------------------
Federal officials and the leader of two Asian-American academic
organizations boycotting the nation's three premier weapons
laboratories, recently reached a compromise, according to a report by
the New York Times News Service. The labs offered to change hiring and
promotion practices at Los Alamos National Laboratory, Lawrence
Livermore National Laboratory and Sandia National Laboratory, in
exchange for the boycott's end.

The discrimination issue has surpassed the bounds of the academic
community, however.  The California-based Lawrence Livermore National
Laboratory faces a wage discrimination class action alleged by the
women employed there. Last week, another class action was filed on
behalf of hundreds of LLNL's Asian-American employees.  

The academic boycott reportedly rose up out of anger over the treatment
of Dr. Wen Ho Lee, a Los Alamos weapons scientist, whom the government
accused of spying. Dr. Lee eventually pleaded guilty to one count of
mishandling classified data. Longer-standing claims of discrimination
were its foundation, though.  In early 2000, the Asian Pacific
Americans in Higher Education and the Association of Asian American
Studies urged Asian-American scientists to boycott the three weapons
laboratories by not applying for jobs at the facilities.

Professor L. Ling-chi Wang, leader of the Association of Asian American
Studies, and director of the Asian American Studies Program at the
University of California at Berkeley, said, "I will call an end to the
boycott and urge Asian-Americans to begin to apply for jobs [at the
three national laboratories]."   Professor Wang added, "I would even
take a step beyond and get Apahe (Asian Pacific Americans in Higher
Education) to develop a plan" for national recruitment.

John Browne, director of Los Alamos National Laboratory, has met
repeatedly with Professor Wang since the boycott started.  Recently,
Ping Lee, a special assistant to Mr. Browne, said "We are really close
to bringing closure."  A draft agreement for changes has been sent
to the National Nuclear Security Administration of the Energy
Department, which oversees the labs and must agree to any changes at
the three national laboratory sites.

General John A. Gordon, the security agency administrator, said
recently that "This thing we are calling an agreement is really very
broad."  He continued, "I am very hopeful that this will be the
foundation and pave the way to make a change in the relationship we
have with those Asian-American organizations."  General Gordon further
remarked that, "a strong business sense dictates that we cannot afford
to cut ourselves off from the brightest minds in the country.  He noted
that, "there is a strong moral case...we are going to do the right
thing."

If a formal agreement is signed, said Professor Wang, it will focus on
creating a plan for increasing the promotion opportunities for Asian-
American scientists and addressing what he regards as disparities in
research opportunities that discriminate against minorities.  It will
also introduce mechanisms that hold the laboratories accountable to
their promises to change the workplace environment for minorities.

Although the Energy Department declined to release a copy of the
document pending its review in Washington, Professor Wang said he had
insisted, and the laboratories had agreed, that changes in dealings
with Asian-Americans should apply to all minority groups at the
laboratories, including women.


The impact of the boycott has been widely debated, and even some Asian-
Americans have criticized it as tending to isolate minority scientists
already at the national laboratories.  However, everyone agrees that
the boycott has been an embarrassment to the laboratories as well as a
hindrance to their recruiting efforts, particularly after September 11,
when they focused on building staff in response to new threats to
national security.

Richard Mah, an associate director for weapons engineering and
manufacturing at Los Alamos, sees the boycott removal as a positive
step, "especially in the climate right now when we are in a large
hiring mode."  Mr. Mah, who was promoted in October, fills the highest
Los Alamos post ever held by an Asian-American.  Mr. Mah acknowledged
that the boycott "did have a large impact" on the lab's ability to hire
Asian-Americans.

The weapons complex is aware that there is much untapped talent among
scientists of Asian descent. They earn more than a quarter of all
doctorates in science and technology at American universities each
year, but, as an example, still make up only five percent of the
technical work force at Los Alamos.

Although some scientists in the Asian-American community are doubtful
that great change can be wrought by an agreement and the lifting of the
boycott, there is a general belief, like the one voiced by Gene I.
Awakuni, vice provost for student affairs at Stanford University, that
"if the national labs establish a concrete plan that reflects a genuine
effort by the administration to address systemic issues that militate
against the interests of Asian-American scientists, I believe the
boycott will be lifted."  Moves already made by the labs are a good
first step, Mr. Awakuni, said.

                           Securities Fraud

ALLIANCE CAPITAL: IL Court Dismisses Without Prejudice Securities Suit
----------------------------------------------------------------------
The United States District Court for the Southern District of Illinois
dismissed without prejudice the amended class action against Alliance
Capital Management, LLP charging the Company, Alliance Fund
Distributors, Inc. (AFD) and other defendants with violations of the
1940 act and breaches of common law fiduciary duty, relating to six
mutual funds with which the Company has investment advisory agreements,
including:

     (1) the Alliance Premier Growth Fund,

     (2) Alliance Health Care Fund,

     (3) Alliance Growth Fund,

     (4) Alliance Quasar Fund,

     (5) The Alliance Fund and

     (6) Alliance Disciplined Value Fund.

The principal allegations of the amended complaint are that:

     (i) certain advisory agreements concerning these funds were
         negotiated, approved and executed in violation of the 1940
         Act, in particular because certain directors of these funds
         should be deemed interested persons under the 1940 Act;

    (ii) the distribution plans for these funds were negotiated,
         approved and executed in violation of the 1940 Act, and

   (iii) the advisory fees and distribution fees paid to the defendants
         are excessive and, therefore, constitute a breach of fiduciary
         duty.

On March 13, 2002, the court granted the defendants' motion to dismiss
and dismissed the complaint without prejudice.  The plaintiffs have
until April 2002 to file an amended complaint.  The Company believes
that the suit is without merit and intends to vigorously defend against
these allegations.


BRISTOL-MYERS SQUIBB: Schiffrin Barroway Files Securities Suit in NY
--------------------------------------------------------------------
Schiffrin & Barroway, LLP initiated a securities class action in the
United States District Court for the Southern District of New York on
behalf of all purchasers of the common stock of Bristol-Myers Squibb
Company (NYSE: BMY) from September 19, 2001 through January 4, 2002,
inclusive.

The suit charges the Company and certain of its officers and directors
with violating the federal securities laws by making itself, and
allowing its drug development partner to make, without correction,
materially false and misleading statements about the progress of its
Erbitux cancer treatment drug's application for FDA approval even as
the Company knew that the application and data were false.

Specifically, the suit alleges that on December 28, 2001, a press
release disclosed that the FDA had rejected the filing of a Biologics
License Application for Erbitux. On January 4, 2002, The Cancer Letter
reported that the FDA repeatedly informed defendants about problems
with the Erbitux clinical trials during the class period.  These
shocking revelations caused the stock to plummet from a class period
high of $56 to below $50 - and now to $40.

For more information, contact Marc A. Topaz or Stuart L. Berman by
Mail: Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 by Phone:
888-299-7706 (toll free) or 610-667-7706 by E-mail: info@sbclasslaw.com
or visit the firm's Web site: http://www.sbclasslaw.com


BRISTOL-MYERS SQUIBB: Marc Henzel Commences Securities Suit in S.D. NY
----------------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class action
in the United States District Court for the Southern District of New
York, on behalf of purchasers of Bristol-Myers Squibb Company (NYSE:
BMY) between September 19, 2001 and January 4, 2002, inclusive, against
the Company and certain of its officers.

The suit alleges that defendants violated the federal securities laws
by making itself, and allowing its drug development partner to make,
without correction, materially false and misleading statements about
the progress of its Erbitux cancer treatment drug's application for FDA
approval even as the Company knew that the application and data were
false.

Specifically, the suit alleges that on December 28, 2001, a press
release disclosed that the FDA had rejected the filing of a Biologics
License Application for Erbitux. On January 4, 2002, The Cancer Letter
reported that the FDA repeatedly informed defendants about problems
with the Erbitux clinical trials during the class period.  These
shocking revelations caused the stock to plummet from a class period
high of $56 to below $50, and now $40.

For more information, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com or
visit the firm's Web site: http://members.aol.com/mhenzel182       


BSQUARE CORPORATION: NY Court Orders Securities Suits Consolidated
------------------------------------------------------------------
The securities class actions pending against BSquare Corporation in the
United States District Court for the Southern District of New York have
been consolidated into a single action.

The suit charges the Company, certain of its current and former
officers and directors, and the underwriters of its initial public
offering with violations of federal securities laws.  The suit, filed
on behalf of purchasers of the Company's common stock during the period
from October 19, 1999 to December 6, 2000, alleges that the underwriter
defendants agreed to allocate stock in the Company's initial public
offering to certain investors in exchange for excessive and undisclosed
commissions and agreements by those investors to make additional
purchases of stock in the aftermarket at pre-determined prices.

The suit further alleges that the prospectus for its initial public
offering was false and misleading in violation of the securities laws
because it did not disclose these arrangements.

The Company intends to defend these actions vigorously.  However, due
to the inherent uncertainties of litigation, the Company cannot
accurately predict the ultimate outcome of the litigation.  Any
unfavorable outcome of litigation could have an adverse impact on the
Company's business, financial condition and results of operations.


CALPINE CORPORATION: Marc Henzel Commences Securities Suit in N.D. CA
---------------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class action
on behalf of an institutional investor in the United States District
Court for the Northern District of California on behalf of purchasers
of Calpine Corporation (NYSE: CPN) publicly traded securities during
the period between January 5, 2001 and December 13, 2001.

The suit charges the Company and certain of its officers and directors
with violations of the Securities Exchange Act of 1934.  The Company
owns, develops, acquires, and operates power-generation facilities and
sells electricity and steam, primarily in the US Calpine's stock, which
went public in 1996, on a split adjusted basis, went from $2 at the IPO
stage to over $33 in January 2001.

The suit alleges that the Company's stock price was very important
because the Company was planning at this time to build or acquire $15
billion worth of plants over the next four years. The financing for
these plants was based on the performance of its stock because many of
its bond buyers were looking to convert to common stock. If the stock
did not perform, financing would be difficult to fund the Company's
expansion. However, certain of the Company's manipulative transactions,
including those with Enron, such as inflated revenues, began to emerge
on December 9, 2001.

On December 14, 2001, prior to the market opening, Moody's Investors
Service announced that it might cut the credit rating on the Company's
$11.6 billion of debt to junk. In response, Company shares plummeted to
$12.50, a more than 26% drop. Then, after the close of the market on
December 14, 2001, Moody's Investors Service announced that it had in
fact cut its rating of the Company's debt to junk.

As now revealed, at all times during the class period, defendants
issued false and misleading statements and press releases concerning
the Company's sale of and demand for power and its ability to generate
sufficient cash revenue to service its debt. During the class period,
before the disclosure of the true facts, the individual defendants sold
their personally held common stock generating more than $34 million in
proceeds and the Company raised billions of dollars in a series of debt
offerings.

For more information, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com or
visit the firm's Web site: http://members.aol.com/mhenzel182       


CORVIS CORPORATION: NY Court Orders Consolidation of Securities Suits
-----------------------------------------------------------------
The United States District Court for the Southern District of New York
ordered consolidated nine securities class actions commenced in May
2001 against Corvis Corporation, relating to its initial public
offering (IPO) on behalf of all persons who purchased the Company's
stock between July 28, 2000.

The suit names as defendants the Company, its directors and officers
who signed the registration statement in connection with the IPO, and
certain of the underwriters that participated in the IPO.  The suits
allege that the registration statement and prospectus relating to the
Company's initial public offering contained material misrepresentations
and/or omissions in that those documents did not disclose:

     (1) that certain of the underwriters had solicited and received
         undisclosed fees and commissions and other economic benefits
         from some investors in connection with the distribution of the
         Company's common stock in the initial public offering and

     (2) that certain of the underwriters had entered into arrangements
         with some investors that were designed to distort and/or
         inflate the market price for the Company's common stock in the
         aftermarket following the initial public offering.

Dispositive motions have not yet been filed, and no discovery has
occurred. The court has ordered the plaintiffs to file a consolidated
amended complaint by the end of March 2002.  The Company intends to
vigorously defend itself and its officers and directors.


CVS CORPORATION: MA Federal Court Consolidates Securities Fraud Suits
---------------------------------------------------------------------
The United States District Court of Massachusetts consolidated several
securities class actions against CVS Corporation and its Chairman and
Chief Executive Officer Thomas M. Ryan.

The consolidated suit alleges that several public statements by the
Company between February and May 2001 failed to disclose that, as later
reported by the Company in a June 27, 2001 press release, the Company's
earnings per share for the second quarter and for the full year would
be lower than previously anticipated. Following the June 27, 2001
announcement, the price of the Company's common stock fell from $44.10
to $36.51 per share.  The suit asserts claims for alleged securities
fraud under sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder

Under the court's consolidation order, a lead plaintiff and lead
counsel were appointed as provided under the Private Securities
Litigation Reform Act of 1995, as amended, and plaintiffs were directed
to file a consolidated amended complaint within 60 days of entry of
that order. The consolidated amended complaint has not yet been filed.

These actions are in their earliest stages. The Company and Mr. Ryan
believe that the claims asserted in the actions are without merit and
intend to defend against them vigorously.


DYNACQ INTERNATIONAL: Stull Stull Commences Securities Suit in S.D. TX
----------------------------------------------------------------------
Stull Stull and Brody initiated a securities class action in the United
States District Court for the Southern District of Texas, Houston
Division, on behalf of purchasers of the securities of Dynacq
International, Inc. (NASDAQ:DYII) between November 29, 1999 and January
16, 2002, inclusive against the Company and certain of its officers.

The complaint alleges that defendants violated the federal securities
laws by issuing materially false and misleading statements throughout
the class period that had the effect of artificially inflating the
market price of the Company's securities.

Specifically, the suit alleges defendants represented that the
Company's favorable financial results were due to its commitment to
quality and cost-effective care.  Throughout the class period,
defendants repeatedly stated that the Company's financials were strong
and that it was consistently achieving "record results."

Defendants actually knew that the quality of the Company's balance
sheet was eroding, that it was violating federal law in the maintenance
of its facilities and that it improperly cared for patients.

On January 16, 2002, TheStreet.com ran an article on the Company
entitled, "Dynacq's Doubtful Accounts Send Distress Signals," which
exposed many of the Company's problems. These disclosures shocked the
market, causing the Company's stock to immediately tumble 29% and
causing plaintiff and class members to suffer damages thereby. The
stock is currently trading below $7 per share.

For more information, contact Tzivia Brody by Mail: 6 East 45th Street,
New York, NY 10017 by Phone: 800-337-4983 by Fax: 212-490-2022 by E-
mail: SSBNY@aol.com


GSV INC.: NJ Federal Court Dismisses Securities Suit With Prejudice
-------------------------------------------------------------------
The United States District Court for the District of New Jersey
dismissed with prejudice the consolidated securities class action
against GSV, Inc. and certain of its current and former officers.

The suit alleges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 by making or causing the Company to
make materially false and misleading statements about its financial
performance and business operations.

The plaintiffs have 30 days to appeal from the decision.  The Company
has not been advised as to whether or not the plaintiffs plan to appeal
from the court's decision.


JP MORGAN: To Mount Vigorous Defense v. Securities Suits Over Enron
-------------------------------------------------------------------
JP Morgan Chase, Inc. labels "without merit" nine securities class
actions pending against the Company and certain of its officers in the
United States District Court for the Southern District of New York,
over its relationship to fallen energy trader Enron Corporation.

The suits allege that the Company issued false and misleading press
releases and other public documents relating to Enron in violation of
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder.

The Company intends to defend against these actions vigorously.
However, there can be no assurance as to the outcome of any of these
pending lawsuits or of any other litigation or proceeding that may be
brought by or against the Company relating to Enron.


JP MORGAN: Schiffrin Barroway Commences Securities Suit in S.D. NY
------------------------------------------------------------------
Schiffrin & Barroway, LLP initiated a securities class action in the
United States District Court for the Southern District of New York on
behalf of all purchasers of the common stock of JP Morgan Chase & Co.
(NYSE: JPM) from March 22, 2001 through February 1, 2002, inclusive.

The suit charges the Company and certain of its officers and directors
with issuing false and misleading statements. The complaint alleges
that the Company misrepresented its risk and loss exposure related to
its well-established practice of making commodities loan from
transactions, derivative loan transactions and other related financing
transactions.

Specifically, the Company misrepresented its risk and loss exposure
related to its Enron Corporation dealings as being approximately $900
million.  However, the Company later admitted that, in fact, its total
Enron related exposure was actually about $2.6 billion, or almost three
times the earlier figure.  Shortly thereafter, the Company wrote down
$1.13 billion in non-performing assets, specifically losses related to
Enron.

For more information, contact Marc A. Topaz or Stuart L. Berman by
Mail: Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 by Phone:
888-299-7706 (toll free) or 610-667-7706 by E-mail: info@sbclasslaw.com
or visit the firm's Web site: http://www.sbclasslaw.com


JP MORGAN: Cauley Geller Commences Securities Suit in S.D. New York
-------------------------------------------------------------------
Cauley Geller Bowman & Coates, LLP initiated a securities class action
in the United States District Court for the Southern District of New
York on behalf of purchasers of JP Morgan Chase & Co. (NYSE: JPM)
common stock during the period between March 22, 2001 and February 1,
2002, inclusive.

The suit charges the Company and certain of its officers and directors
with issuing false and misleading statements. The complaint alleges
that the Company misrepresented its risk and loss exposure related to
its well-established practice of making commodities loan from
transactions, derivative loan transactions and other related financing
transactions.

Specifically, the Company misrepresented is risk and loss exposure
related to its Enron Corporation dealings as being approximately $900
million.  However, the Company later admitted that, in fact, its total
Enron related exposure was actually about $2.6 billion, or almost three
times the earlier figure. Shortly thereafter, the Company wrote down
$1.13 billion in non-performing assets, specifically losses related to
Enron.

For further details, contact Jackie Addison, Sue Null or Shelly
Nicholson by Mail: P.O. Box 25438, Little Rock, AR 72221-5438 by Phone:
888-551-9944 by E-mail: info@classlawyer.com or visit the firm's Web
site: http://www.classlawyer.com


L90 INC.: Marc Henzel Commences Securities Suit in C.D. California
------------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class action
in the United States District Court for the Central District of
California on behalf of purchasers of L90, Inc. (NASDAQ: LNTY) common
stock during the period between July 26, 2001 and March 12, 2002.

The suit charges the Company and certain of its officers with
violations of the Securities Exchange Act of 1934.  The suit alleges
that as part of their effort to boost the price of Company stock,
defendants misrepresented its true prospects in an effort to conceal
its improper acts until they were able to conceal their fraud by
selling the Company to a third party prior to filing the Company's 10-K
(due March 31, 2002).

In order to overstate revenues and assets in its second and third
quarters of 2001, the Company violated generally accepted accounting
principles and SEC rules by engaging in improper "roundtrip"
transactions with HomeStore.com and its customers. These transactions
had the effect of dramatically overstating revenues and assets.

On February 4, 2002, the Company issued a press release entitled, "L90
Reports Regulatory Inquiries."  The press release stated in part: "L90,
Inc., an online media and direct marketing company, today announced
that the Company has received notice from the Securities and Exchange
Commission that the Commission is conducting an investigation into the
Company. In connection with this investigation, the Commission has
issued the Company and one of its directors subpoenas requesting
documents related primarily to the Company's financial records."

On this news the Company's shares plummeted by more than 50% the
following trading day and continued to plummet further in the weeks
that followed and defendants revealed further incriminating facts.

On March 12, 2002, L90 issued a press release entitled, "L90 Provides
Additional Information on Internal Investigation."  The press release
stated in part: "L90, Inc., an online media and direct marketing
company, today provided additional information on the status of the
ongoing internal investigation by the Company and the Audit Committee
of its board of directors in response to the previously announced
Securities and Exchange Commission investigation of the Company, and
the request for information from Nasdaq Listing Investigations."

For more information, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com or
visit the firm's Web site: http://members.aol.com/mhenzel182       


MEASUREMENT SPECIALTIES: Milberg Weiss Commences Securities Suit in NJ
----------------------------------------------------------------------
Milberg Weiss Bershad Hynes & Lerach LLP initiated a securities class
action on behalf of purchasers of the securities of Measurement
Specialties, Inc. (AMEX: MSS) between November 9, 2001 and February 15,
2002 inclusive, in the United States District Court for the District of
New Jersey, against the Company, Joseph R. Mallon, Jr. (CEO and
Chairman) and Kirk J. Dischino (CFO).

The suit 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 during the class period, thereby artificially
inflating the price of the Company's common stock.

On November 9, 2001, the Company issued a press release announcing
supposedly "record" financial performance for its second quarter of
2001, including a 23% increase in sales over the second quarter of 2000
and an $800,000 reduction in inventories since June 30, 2001. These
financial figures were repeated in a Form 10-Q filed with the
Securities and Exchange Commission (SEC).

Then, on February 15, 2002, prior to market open, the Company issued a
press release announcing that it expects to restate its financial
results for the second quarter of 2001, due to potentially mis-valued
inventory. It also stated it is investigating whether it will have to
restate its reported financial results for other quarters.

In addition, the Company announced that it will delay filing its Form
10-Q for the third quarter of 2001 with the SEC until after it
completes its ongoing investigation into its method of valuing
inventory and that it has terminated the employment of its Chief
Financial Officer.

Immediately following the announcement, the American Stock Exchange
halted trading in the Company's common stock pending its filing of a
Form 10-Q for the third quarter of 2001. To date, the Company has not
filed its Form 10-Q and its stock has not resumed trading.

For more information, contact Steven G. Schulman or Samuel H. Rudman by
Mail: One Pennsylvania Plaza, 49th fl., New York, NY, 10119-0165 by
Phone: 800-320-5081 by E-mail: measurementpecialtiescase@milbergNY.com
or visit the firm's Web site:
http://www.milberg.com


MEASUREMENT SPECIALTIES: Marc Henzel Commences Securities Suit in NJ
--------------------------------------------------------------------
The Law Offices of Marc S. Henzel initiated a securities class action
in the United States District Court for the District of New Jersey
against Measurement Specialties, Inc. (AMEX: MSS) and certain of its
officers and directors, on behalf of all persons or entities who
purchased the Company's common stock between August 1, 2001 and
February 14, 2002.

The suit charges the Company and certain of its officers and directors
with violations of the federal securities laws. The suit alleges, among
other things, that during the class period defendants issued a series
of false and misleading statements regarding the Company's financial
condition.

In addition, the registration statement and prospectus issued in
connection with the offering misrepresented and omitted material facts
concerning the Company's financial results. Furthermore, during the
class period, and in violation of generally accepted accounting
principles, defendants caused the Company to falsely report favorable
financial results by, among other things, improperly recognizing
revenues and improperly overstating inventories.

As a result, Company stock traded at artificially inflated levels
during the class period.

For more information, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com or
visit the firm's Web site: http://members.aol.com/mhenzel182       


MEDI-HUT CO.: Rabin Peckel Commences Securities Suit in New Jersey
------------------------------------------------------------------
Rabin and Peckel LLP initiated a securities class action in the United
States District Court for the District of New Jersey on behalf of all
persons or entities, who purchased Medi-Hut Co. Inc. common stock
(Nasdaq:MHUT) between April 4, 2000 through February 4, 2002, both
dates inclusive, against:

     (1) Joseph A. Sanpietro,

     (2) Laurence M. Simon,

     (3) Robert Russo,

     (4) Vincent Sanpietro,

     (5) James G. Aaron,

     (6) James S. Vacarro,

     (7) Lawrence Marasco, and

     (8) Rosenberg Rich Baker Berman & Co., company auditor

The suit alleges that the Company, a pharmaceutical sales company, and
six of its top officers as well as its auditors misled the investing
public during the class period through improper accounting practices
that seriously distorted the Company's financial results.

Specifically, it alleged that the Company failed to disclose the
relationship between its Vice President for Sales Marketing, Lawrence
Marasco, and its largest customer, Larval, a company in which Mr.
Marasco was the sole owner. Sales to Larval accounted for 62% of the
Company's revenues in 2001.

Moreover, in auditing the Company's financials, its auditors allegedly
withheld information to the investing public about the sales to Larval.
By failing to disclose these related party transactions, the Company,
its officers, and its auditors allegedly violated generally accepted
accounting standards, thereby causing the price of Company shares to be
artificially inflated during the class period.

When the relationship between the Company, Mr. Marasco and Larval was
revealed, Company shares fell 51% to $3.29, and as low as $2.27 the
following day.

For more details, contact Eric Belfi or Sharon Lee by Mail: 275 Madison
Avenue, New York, NY 10016 by Phone: 800-497-8076 or 212-682-1818 by
Fax: 212-682-1892 by E-mail: email@rabinlaw.com or visit the firm's Web
site: http://www.rabinlaw.com.


METAWAVE COMMUNICATIONS: Marc Henzel Lodges Securities Suit in W.D. WA
----------------------------------------------------------------------
The Law Offices of Marc S. Henzel commenced a securities class action
in the United States District Court for the Western District of
Washington on behalf of all purchasers of Metawave Communications
Corporation (Nasdaq: MTWV) common stock during the period from April
24, 2001 and March 14, 2002, inclusive.

The suit charges the Company, as well as its chief executive officer
and chief financial officer, with violations of Sections 10(b) and
20(a) of the Securities Exchange Act of 1934. The violations, as the
complaint alleges, stem from the issuance of allegedly false and
misleading financial statements and financial projections during the
class period, which had the effect, during the class period, of
artificially-inflating the price of Company shares.

On March 14, 2002, after the close of the markets, the Company issued a
press release disclosing a number of surprises concerning the Company,
including:

     (1) that it would restate its 2001 earnings, reducing revenue by
         $5 million to $7 million out of the $43.6 million of total
         revenue previously reported, a change of 11% to 15%, because
         of "unauthorized commitments" made to customers in Asia;

     (2) that it would terminate its SpotLight GSM product line due to
         "insufficient customer demand;"

     (3) that it would close its Taiwan facilities, cut its Chinese
         operation and reduce its United States workforce by 42% in an
         effort to lower operating expenses;

     (4) that the restructuring would result in a first quarter (2002)
         charge of $23 million to cover inventory and accounts
         receivable write-offs, employee severance, facilities
         closures, and other shutdown costs;

     (5) that it had fired its Chief Financial Officer, Stuart
         Fuhlendorf; and

     (6) that it had revised its first-quarter 2002 revenue guidance to
         about $6 million, well below the $8.5 million to $9 million
         range Wall Street had been led to expect for the Company's
         first quarter (2002) revenue.

After disclosure that the Company's current financial results would not
be as expected, and that previously-reported financial results would be
even lower than reported, its shares swiftly lost more than 70% of
their value.

For more information, contact Marc S. Henzel by Mail: 273 Montgomery
Ave., Suite 202, Bala Cynwyd, PA 19004 by Phone: 610-660-8000 or
888-643-6735 by Fax: 610-660-8080 by E-Mail: mhenzel182@aol.com or
visit the firm's Web site: http://members.aol.com/mhenzel182      


NEW FOCUS INC.: CA Court Dismisses Without Prejudice Securities Suit
--------------------------------------------------------------------
The United States District Court for the Northern District of
California dismissed without prejudice the securities class action
filed against New Focus, Inc., (Nasdaq: NUFO), its directors, and
certain officers in March 2001.  The suit asserted violations of
federal securities laws arising from the Company's January 30, 2001
announcement of revenue guidance for fiscal year 2001.

While dismissing the action, the court provided the plaintiffs with the
opportunity to file an amended complaint within thirty days after the
date of the order. The plaintiffs did not file an amended complaint
before this deadline, thus concluding the lawsuit.

"We are extremely pleased with the federal court's dismissal of the
shareholder class action lawsuit. From the beginning of this suit we
felt that the claims of the plaintiffs were weak and unfounded. In a
strongly worded decision the court agreed with our view and ruled
favorably on our motion to dismiss the suit. By winning at this point
in the legal process, the lawsuit will not proceed to the costly and
time-consuming discovery stage, which precedes a jury trial or
settlement hearing. Additionally, the company's legal defense costs are
fully reimbursable under our insurance coverage," said Clark Harris,
the Company's chairman, president and chief executive officer, in a
statement.


NEWPOWER HOLDINGS: Wolf Popper Commences Securities Suit in S.D. NY
-------------------------------------------------------------------
Wolf Popper LLP initiated a securities class action against NewPower
Holdings, Inc. (NYSE: NPW) and certain of its senior officers and
directors in the United States District Court for the Southern District
of New York, on behalf of all persons who purchased the Company's
common stock in the initial public offering on October 5, 2000, or on
the open market during the period beginning on October 5, 2000 through
October 19, 2001, inclusive.

The suit alleges that during the class period, the Company and the
individual defendants violated Sections 11 and 15 of the Securities Act
of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder.

The suit alleges that defendants violated the securities laws by making
numerous statements about the Company's ability to successfully employ
complex hedging strategies to reduce the adverse effects of price
volatility in the wholesale energy market.  Defendants positively
stated that such strategies would be successful as they were the result
of the Company's close relationship with Enron.

However, defendants knew that such strategies would fail because
Enron's subsidiary, Enron Energy Services, had attempted these same
strategies for a considerable length of time, and its key executives
(some of whom were officers and directors of the Company) knew they
were in almost all cases unsuccessful.

As is now well known, but was or should have been known to the
defendants at the time of the Company's October 5, 2000 IPO and during
the class period, the complaint alleges that Enron was nothing but a
house of cards. Enron, and its senior executives had formed a network
of off-balance sheet, or special purpose entities (SPEs) to do business
with Enron at non-market terms to create the illusion of profitable
operations at Enron. Enron's senior executives controlled these SPEs
and caused the SPEs to incur billions of dollars of debt that Enron
guaranteed, but excluded from reporting on its financial statements.

As Enron collapsed under its own weight, the Company too began to feel
the pressure of numerous transactions and strategies that were bald
attempts to hedge, hide debt and boost reported financial results. As
the true facts concerning the risks of the Company's business model
emerged, its share price declined and it became clear that its business
was far less profitable and far more risky than any of the defendants
had previously disclosed.

For more details, contact Robert C. Finkel or Abigail Kowaloff by Mail:
845 Third Avenue, New York, NY 10022-6689 by Phone: 212-451-9620 by
Fax: 212-486-2093 or 877-370-7704 by E-mail: IRRep@wolfpopper.com or
visit the firm's Web site: http://www.wolfpopper.com


NVIDIA CORPORATION: Robbins Umeda Commences Securities Suit in N.D. CA
----------------------------------------------------------------------
Robbins Umeda & Fink, LLP initiated a securities class action in the
United States District Court for the Northern District of California on
behalf of purchasers of the securities of NVIDIA Corp. (Nasdaq:NVDA)
between Feb. 15, 2000 and Feb. 14, 2002, inclusive.

The suit charges the Company and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. The complaint
alleges that the Company violated generally accepted accounting
principles and SEC rules by engaging in an illegal accounting scheme
that dramatically overstated revenues and assets.  The defendants
misrepresented the Company's true prospects in order to conceal its
wrongful acts until the defendants were able to sell at least $66
million worth of their own stock.

On February 14, 2002, the Company partially admitted that its past
accounting for its prior results may be inaccurate. This news caused
the company's shares to plummet the following day.

For more details, contact Marc M. Umeda by Mail: 1010 Second Ave.,
Suite 2360, San Diego, CA 92101 by Phone: Toll Free: 800-350-6003 or by
E-mail: info@ruflaw.com


OWENS CORNING: Asks MA Federal Court To Dismiss Securities Fraud Suit
-----------------------------------------------------------------------
Owens Corning asked the United States District Court for the Southern
District of Massachusetts to dismiss the amended securities class
action pending against certain of its current and former directors and
officers, and certain underwriters in the United States District Court
for the District of Massachusetts, alleging federal securities
violations.  The suit does not name the Company as defendant.

The suit, filed on behalf of purchasers of certain unsecured debt
securities of the Company in offerings occurring on or about
April 30, 1998 and July 23, 1998, alleges that the registration
statements pursuant to which the offerings were made contained untrue
and misleading statements of material fact and omitted to state
material facts which were required to be stated therein and which were
necessary to make the statements therein not misleading, in violation
of sections 11, 12(a)(2) and 15 of the Securities Act of 1933.

The motion to dismiss the action was filed on November 20, 2001. The
Company labeled the suits "without merit" in a disclosure to the
Securities and Exchange Commission.


PERINI CORPORATION: NY Court Dismisses Preferred Shareholders Suit
------------------------------------------------------------------
The United States District Court for the Southern District of New York
dismissed a preferred shareholders class action filed against Perini
Corporation, and several of its current and former directors by holders
of the Company's $21.25 Convertible Exchangeable Preferred Stock.  The
suit alleges claims for:

     (1) breach of contract,

     (2) breach of fiduciary duty,

     (3) fraud, and

     (4) negligent misrepresentation

The suit, originally filed in the Supreme Court of New York, alleges
that the defendants improperly authorized the exchange of Series B
Preferred Stock for Common Stock without first paying all accrued
dividends on the $21.25 Preferred Stock. More specifically, the suit
alleges that the defendants violated the terms of the $21.25 Preferred
Stock when, in March 2000, they authorized the exchange of Series B
Preferred Stock for Common Stock.  The suit further alleges that the
defendants issued a false and misleading prospectus in 1987 relating to
the issuance of the $21.25 Preferred Stock.

In May 2001, the defendants removed the action to the United States
District Court for the Southern District of New York.  In June 2001,
the plaintiffs amended the suit to limit the suit to an action for
breach of contract against the Company and an action for breach of
fiduciary duty against the defendant directors.


TREX COMPANY: Asks Court to Dismiss Consolidated Securities Suit in VA
----------------------------------------------------------------------
Trex Company, Inc. asked the United States District Court for the
Western District of Virginia to dismiss the amended consolidated
securities suits naming as defendants the Company and:

     (1) Robert G. Matheny, president and director,

     (2) Roger A. Wittenberg, executive vice president of material
         sourcing and international operations and director,

     (3) Anthony J. Cavanna, executive vice president, chief financial
         officer and director, and

     (4) Andrew U. Ferrari, executive vice president of marketing and
         business development and director

The suit, filed on behalf of purchasers of the Company's securities
between November 2, 2000 and June 18, 2001, alleges that the defendants
violated Sections 10(b) and 20(a) of and Rule 10b-5 under the
Securities Exchange Act of 1934 by making false and misleading public
statements or omissions concerning the Company's operating and
financial results, expectations, and business and by filing misleading
reports on Forms 10-Q and 10-K with the Securities and Exchange
Commission.

In January 2002, the defendants filed a motion to have the amended
consolidated complaint dismissed with prejudice. That motion is in the
process of being briefed and, accordingly, the defendants' time to
answer has not yet expired. Discovery is stayed pursuant to the
automatic stay provisions of the Private Securities Litigation Reform
Act of 1995.

The Company believes that the lawsuits are without merit and intends to
vigorously defend these lawsuits and any other similar lawsuits that
may be served on the company.


UBS PAINEWEBBER: Spencer Associates Launches Securities Suit in S.D. TX
-----------------------------------------------------------------------
Spencer and Associates PC filed a class action against UBS PaineWebber,
Inc. in the United States District Court for the Southern District of
Texas, Houston Division, alleging violations of federal securities
laws.

Specifically, the suit alleges federal statutory fraud and violations
of section 12(2) of the Securities Act of 1933 and violations of
section 20(a), section 10(b) and Rule 10b-5 of the Securities and
Exchange Act of 1934.

The suit further claims that, from March 2001, and possibly before,
through November, 2001, in connection with its "strong buy"
recommendation of Enron Stock, and its "sell" and "hold advice" to
Enron stock and option holders, the Company:

     (1) employed manipulative and deceptive devices, contrivances,
         schemes, and artifices to defraud them;

     (2) made false statements of material fact and omitted to state
         material facts necessary in order to make the statements not
         misleading in light of the circumstances under which they were
         made; and

     (3) employed acts, practices, and a course of business that
         operated or would operate as a fraud and deceit upon
         plaintiffs.

For more information, contact Bonnie Spencer by Mail: 4041 Richmond
Ave, 5th Floor, Houston, Texas 77027, 888-237-4529 or by Phone:
888-237-4529


                              *********


S U B S C R I P T I O N   I N F O R M A T I O N

Class Action Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Trenton, New Jersey, and
Beard Group, Inc., Washington, D.C.  Enid Sterling, Aurora Fatima
Antonio and Lyndsey Resnick, Editors.

Copyright 2002.  All rights reserved.  ISSN 1525-2272.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic re-
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Information contained herein is obtained from sources believed to be
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