Weyerhaeuser Company (NYSE: WY) today announced that it will seek to appeal an order from the U.S. District Court in Oregon granting class action status to the plaintiffs in the Morelock Enterprises, Inc. lawsuit.
Weyerhaeuser contends that the ruling handed down earlier today is wrong as a matter of law. Weyerhaeuser will file its request to appeal with the U.S. Court of Appeals for the Ninth Circuit, the same court currently reviewing the company's appeal of the Ross-Simmons hardwoods case.
The Morelock case alleges Weyerhaeuser unlawfully monopolized an alleged market for finished alder lumber in the United States. In 2003, the jury rejected a similar claim in the Ross-Simmons case.
Weyerhaeuser has not recorded a reserve related to this matter and is unable to estimate at this time the amount of charges, if any, that may be required for this matter in the future.
Weyerhaeuser Company, one of the world's largest integrated forest products companies, was incorporated in 1900. In 2003, sales were $19.9 billion. It has offices or operations in 19 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com/ .
For more information contact:
Media - Bruce Amundson 253-924-3047
Analysts - Kathryn McAuley 253-924-2058
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SOURCE: Weyerhaeuser Company
CONTACT: media, Bruce Amundson, +1-253-924-3047, or analysts,
Kathryn McAuley, +1-253-924-2058, both of Weyerhaeuser Company
Web site: http://www.weyerhaeuser.com/