NEW YORK, NY, March 4, 2002 — Abraham & Paskowitz announced today that it has expanded its investigation into the allegations set forth in the class action complaint filed earlier this week on behalf of investors in NewPower Holdings Inc. common stock.
The expanded investigation includes issues pertaining to certain energy pricing contracts in the PJM Interconnection region, NewPower’s relationships with certain strategic partners, and investment banker and underwriter conflicts of interests.
NewPower said it has not been served with a copy of the complaint, but based on the press release from plaintiffs’ counsel, NewPower believes that the lawsuit is without merit and intends to defend vigorously against such claims.
Abraham & Paskowitz has also formally communicated a request to NewPower Holdings, through its counsel, that no documents be discarded or destroyed that will be potentially important to this action, including e-mail files, and tape and video recordings.
Investors who purchased shares of NewPower Holdings stock during the period from October 5, 2000 through December 5, 2001 may request in court no later than April 29, 2002 to serve as lead plaintiff for the class.
Abraham & Paskowitz is a law firm which specializes in shareholder and consumer class action litigation throughout the United States, and has won numerous landmark decisions and large settlements of behalf of its clients. The firm’s web site is at www.classactionsonline.com.