Wechsler Harwood Announces Class Action Suit Against ACLN, Ltd.

The law firm of Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") announces that a class action lawsuit has been filed on behalf of purchasers of the securities of ACLN, Ltd. (NYSE: ASW; "ACLN" or the "Company") between June 29, 2000 and December 20, 2001, inclusive.

The action is pending in the United States District Court, Southern District of New York, located at 500 Pearl Street, New York, NY against defendants ACLN, Joseph Bisschops, Aldo Labiad and Alex De Ridder.

The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing materially false and misleading statements to the market. Beginning on June 29, 2000, and continuing throughout the Class Period, defendants issued multiple press releases and filed quarterly and annual reports with the SEC which highlighted the Company's growth and strong financial performance. As alleged in the Complaint, these statements were materially false and misleading because they failed to describe the true state of financial affairs at the Company. Specifically, defendants (a) failed to disclose certain self-dealing transactions between defendant Bisschops and certain private entities which he controlled; (b) overstated the Company's assets by listing a shipping vessel, the Sea Atef, as an asset of the Company when, in fact, the Company did not own the Sea Atef; (c) understated the Company's selling, general and administrative expenses, causing the Company's net income to be overstated; and (d) violated Generally Accepted Accounting Principles ("GAAP") and the Company's own stated policy with regard to recognition of revenue by reporting revenue for the cars that it sold as soon as the ship carrying the cars left the port and not when the shipment was completed. The truth about these statements finally came to light on December 20, 2001, in an article published by Herb Greenberg on The Street.com. In response to the questions raised in Greenberg's article, shares of ACLN plunged 64%, falling $16.71 to close at $9.40 per share.

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 19, 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. S 78u-4). You may move the Court to serve as lead plaintiff through counsel of their choice (and need not necessarily do so through plaintiff's counsel). (15 U.S.C. 78u-4(a)(3)). At this stage, providing information or communicating with counsel is unnecessary to participate in any recovery resulting from this litigation.

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)

Patricia Guiteau, Wechsler Harwood Shareholder Relations Department: pguiteau@whhf.com.

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SOURCE: Wechsler Harwood Halebian & Feffer LLP

Contact: Patricia Guiteau of Wechsler Harwood Shareholder Relations
Department, +1-877-935-7400, pguiteau@whhf.com

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