Securities and Exchange Commission

Litigation Release No. 17806 / October 24, 2002

SEC Charges William J. Pardue With
Insider Trading in Stock of Central Sprinkler Corp.

(United States District Court for the Eastern District of Pennsylvania,
02CV8048, filed October 24, 2002)

   The Securities and Exchange Commission today filed a civil lawsuit for
   insider trading against William J. Pardue, a Devon, Pennsylvania
   resident who allegedly made more than $140,000 by misusing
   confidential information that Tyco International Ltd. planned to take
   over Central Sprinkler Corp. of Lansdale, Pennsylvania.

   The Commission's complaint alleges that Pardue had worked for Central
   Sprinkler for over 20 years, rising to become a senior officer. At the
   time of his trading, he was still employed by the company as a
   consultant. According to the complaint, Pardue learned from his
   father-in-law, the former Chairman of Central Sprinkler, that Tyco was
   planning to acquire Central Sprinkler, and he illegally used the
   information to trade for his own personal profit.

   In the weeks before Tyco's public announcement of the acquisition,
   Pardue spent over $200,000 to accumulate 13,100 shares of Central
   Sprinkler stock. After the acquisition was announced, Pardue sold this
   stock for a profit of $140,475.

   In its complaint, the SEC charges Pardue with securities fraud in
   violation of Section 10(b) of the Securities Exchange Act of 1934 and
   Rule 10b-5 thereunder, based on illegal insider trading. The
   Commission seeks a permanent injunction, disgorgement of illegal
   trading profits, prejudgment interest and civil penalties.

   The Commission wishes to acknowledge the assistance of the National
   Association of Securities Dealers in the matter.

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Modified 10/25/2002