The complaint charges that Independent Energy
issued materially false and misleading information
regarding its financial and operating condition.
Specifically, the complaint charges that the
defendants misrepresented the extent of the
company's billing problems with its customers.

During the Class Period, the defendants consistently
assured investors that the billing problems were
restricted to timing issues. At the end of the Class
Period, however, the company finally revealed that the
problems extended far beyond timing to problems with
accounting and collection.

Northern Light

-- spider (spider0@usa.net), October 17, 2000