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WOLF POPPER LLP CLASS ACTION AGAINST SEITEL On May 6, 2002, Wolf Popper LLP charged Seitel, Inc. ("Seitel") (NYSE: SEI) and certain of its senior officers with violations of the federal securities laws, in a class action lawsuit brought in the United States District Court for the Southern District of Texas. The lawsuit is on behalf of all persons who purchased Seitel common stock on the open market during the period July 13, 2000 through April 1, 2002, inclusive (the "Class Period"). The complaint alleges that defendants improperly recognized revenue and net income during fiscal years 2000 and 2001 by recording revenue on data licensing contracts, prior to specific data being selected by and delivered to its customers. The complaint further alleges that top insiders profited illegally from insider trading in Seitel's common stock and earned exorbitant commissions and bonuses that were tied to reported revenue and earnings. During the Class Period and as a result of defendants' misrepresentations, shares of Seitel common stock traded as high as $23.03 per share. Seitel currently trades, after having restated its false financial statements, at approximately $9.00 per share. On May 3, 2002, Seitel issued a press release acknowledging that the financial statements it issued during the class period were not prepared in conformity with generally accepted accounting principles. |
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