010319 Securities Class Action Lawsuit Against IBP

Bala Cynwyd, PA - The following statement was issued by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of South Dakota on behalf of all purchasers of the common stock of IBP, Inc. from February 7, 2000 through January 25, 2001, inclusive (the "Class Period").

The complaint charges IBP and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition throughout the Class Period. Specifically, the complaint alleges that on December 29, 2000 the SEC sent IBP's lawyers a comment letter citing 45 instances of improper accounting during the Class Period. On January 25, 2001, when IBP belatedly disclosed the SEC's inquiry, its stock dropped approximately 15% in one day.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders.

If you are a member of the class described above, you may, not later than April 9, 2001, 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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