Wechsler Harwood Commences a Class Action Suit Against Corning, Inc. (GLW)

The following statement was issued today by the law firm of Wechsler Harwood Halebian & Feffer LLP:

Notice is hereby given that a class action lawsuit was commenced on behalf of all purchasers of the common stock of Corning, Inc. ("Corning" or the "Company") (NYSE: GLW) pursuant to the November 2, 2000 prospectus.

The Complaint alleges that defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus (collectively, the "Prospectus") in connection with Corning's offering of common stock and debentures in November 2000 (the "Offering"). Specifically, the complaint alleges that the Prospectus was materially false and misleading, among other reasons, because it stated that demand for the Company's products was robust, because it omitted to disclose that the Company was amassing hundreds of millions of dollars of obsolete inventory that would have to be written-off, and because, given the foregoing, the projection of 25% earnings growth in 2001, contained in the Prospectus, was lacking in a reasonable basis at all times. On July 10, 2001, the Company announced it was taking a $5.1 billion charge primarily related to two recent acquisitions, that it would also write off $300 million in excess and obsolete inventory, and that it would cut 1,000 jobs and close three plants. On July 25, 2001, the Company reported a massive second-quarter loss of $4.76 billion, or $5.13 per share. Corning's shares closed that day at $13.77, down 80% from the Offering price.

Plaintiff seeks to recover damages on behalf of class members. If you are a member of the Class described above, and if you meet certain other legal requirements, you may, no later than February 5, 2002, move the Court to serve as a lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).

Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (http://www.whhf.com/) has more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:

   Wechsler Harwood Halebian & Feffer LLP
   488 Madison Avenue 8th Floor
   New York, New York  10022
   Phone: 877-935-7400 (Toll Free)

David Leifer, Wechsler Harwood Shareholder Relations Department: dleifer@whhf.com.

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SOURCE: Wechsler Harwood Halebian & Feffer LLP

Contact: David Leifer of Wechsler Harwood Shareholder Relations
Department, +1-877-935-7400, dleifer@whhf.com

Website: http://www.whhf.com/