CLASS ACTION LAWSUIT ANNOUNCED BY MURRAY, FRANK & SAILER LLP AGAINST YUKOS OIL COMPANY ON BEHALF OF SHAREHOLDERS - YUKOF.PK, YUKOY.PK
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NEW YORK (PrimeZone) July 13, 2004 - Murray, Frank & Sailer announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of Yukos Oil Company (OTC: YUKOF.PK; YUKOY.PK) (Russia: YUKO) ("Yukos") between February 13, 2003 and October 25, 2003 inclusive, (the "Class Period"). Also included are all those who acquired Yukos' shares through its acquisitions of Sibneft, Geoilbent, and Vostochnaya.
The Complaint alleges that Yukos, a vertically-integrated oil company, issued materially false statements. Specifically, defendants created a complex network of shell companies to evade taxes on the production, refining and sale of oil and oil products. These shell companies were registered in territories with preferential tax treatment in order to receive special tax exemptions and minimize tax liability. Since these shell companies were not separate legal entities, Yukos was required to recognize the full amount of the receipts associated with these transactions for its own tax purposes and was not entitled to the preferential tax treatment these shell companies were granted. Accordingly, Yukos' tax liability was materially understated and its earnings were materially overstated.
In October 2003, it was revealed that Russian authorities had arrested Yukos' CEO, on fraud, embezzlement and tax evasion charges. Authorities also announced that they would pursue criminal prosecutions against other senior Yukos officials. Ultimately, Yukos will be required to pay approximately $3.3 billion for 2000 alone due to its understatement of tax liability. The Tax Ministry intends to audit Yukos for 2001-2003 based upon the same charges. Yukos could ultimately be expected to pay upwards of $10 billion to the Tax Ministry for this illegal tax evasion scheme.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or acquired shares of Yukos between February 13, 2003 and October 25, 2003, inclusive, and sustained damages, you may, no later than September 4, 2004, move the Court to serve as lead plaintiff of the class. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Eric J. Belfi
Fax: (212) 682-1892
Email: [email protected]