LPWire: DIS Securities Purchasers Represented By Schatz & Nobel In Class Action Lawsuit

Walt Disney Company Securities Purchasers Represented By Schatz & Nobel In Class Action Lawsuit

A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the securities of Walt Disney ("Disney" or the "Company") (NYSE: DIS - News) from August 15, 1997 through May 15, 2002, inclusive (the "Class Period"). Also included are all those who acquired Disney's shares through its acquisition of Disney Internet Group (DIG) and Infoseek Corporation (SEEK).

The Complaint alleges that Disney and certain of its officers and directors failed to disclose the existence and potential effects of a pending lawsuit concerning merchandising rights for Winnie the Pooh ("Pooh"). If the Plaintiffs are successful in the Pooh litigation, the Company could be forced to pay hundreds of millions of dollars in potential royalty payments or possibly terminate the Company's merchandising agreement for Pooh products, representing a loss of several billion dollars a year in revenue. Throughout most of the class period, Disney's SEC filings avoided all disclosure of the eleven year old litigation. On May 15, 2002, Disney disclosed the existence of the litigation and the amount of the potential liability. As this news was circulated, the price began a decline of more than 25% and has continued to fall.

Plaintiff seeks to recover damages on behalf of all Class members. Plaintiff is represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact attorneys Andrew M. Schatz or Nancy A. Kulesa at (800) 797-5499, or by e-mail at [email protected]. For more information about Schatz & Nobel, P.C., please visit our website at www.snlaw.net.

If you acquired Disney publicly traded securities between August 15, 1997 and May 15, 2002, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than October 15, 2002. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at [email protected].