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Alaska Attorney General and Lieff Cabraser File Securities Fraud Lawsuit Against America Online and Time Warner
April 1, 2004
Alaska Attorney General Gregg Renkes filed a complaint in Alaska state court against America Online, Inc. ("AOL"), Time Warner, Inc. (formerly known as AOL Time Warner ("AOLTW")) and several other defendants. The complaint alleges that various State of Alaska funds incurred substantial losses in their investments in AOL, Time Warner, and AOLTW stock because the defendants misrepresented AOL's and AOLTW's revenues and subscriber numbers before and after the merger of AOL and Time Warner. "We are no longer going to rely on the federal courts located in far flung jurisdictions to protect our interests," stated Attorney General Gregg Renkes. "The defendants' actions violated Alaska’s state law and so we are seeking recovery right here in the Juneau Superior Court." Lieff Cabraser is serving as co-counsel for the Alaska Department of Law. To learn more about this litigation, click here.