000266 Milberg Weiss Announces Class Action Against IBPJanuary 29, 2000New York - The following announcement is from the law firm of Milberg Weiss Bershad Hynes & Lerach, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Nebraska on behalf of all purchasers of the securities of IBP, Inc. (“IBP” or the “Company”) between March 25, 1999, and January 12, 2000, inclusive (the “Class Period”). 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, at Milberg Weiss Bershad Hynes & Lerach (“Milberg Weiss”), Steven G. Schulman or Samuel H. Rudman at One Pennsylvania Plaza, 49th Floor, New York, New York 10119-0165, by telephone 800-320-5081 or via e-mail: endfraud@mwbhlny.com or visit our website at http://www.milberg.com. The complaint charges IBP and certain of its senior officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's compliance with state and federal environmental protection laws applicable to the Company's beef and pork production facilities. Because of the issuance of a series of materially false and misleading statements the price of IBP securities was artificially inflated during the Class Period. The action further alleges that prior to the disclosure of the adverse facts described above, defendants intended to use millions of shares of artificially inflated IBP common stock as currency for a proposed corporate acquisition. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firms of Milberg Weiss, Wolf Haldenstein Adler Freeman & Herz LLP, Abraham Kaslow & Cassman and others. Milberg Weiss has taken a leading role in numerous important actions on behalf of defrauded investors, and is responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. For more information about Milberg Weiss, please visit our website at http://www.milberg.com. If you are a member of the class described above you may, not later than sixty days from February 22, 2000, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
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