Household’s recent restatement of net income since 1994 has produced shareholder lawsuits. The complaints allege that Household caused its stock to trade at artificially inflated levels through the issuance of false and misleading financial statements by, among other things, failing to properly amortize the Company’s co-branding agreements, and failing to record its expenses associated with its marketing initiatives. In addition, the lawsuits charge that Household improperly “re-aged” accounts, thereby concealing the Company’s actual delinquency ratios. Little Rock, AR-based Cauley Geller Bowman & Coates, Bala Cynwyd, PA-based Schiffrin & Barroway, and San Diego-based Milberg Weiss filed the suits this week. Household revised its net income, over the past eight years, downward by a total of $386 million Household said the restatement is due to changes in its accounting policies in conjunction with Mastercard/VISA co-branding and affinity credit card relationships, and a credit card marketing agreement with a third party. The revisions were made after a recent review by its new auditors, KPMG LLP. For complete details on Household’s 2Q/02 performance visit CardData ([www.carddata.com]).