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Case ID: 3452 | Stocks | 01/13/2005
The class has been certified in several consolidated class actions filed against energy utility AES Corporation (NYSE:AES) and certain of its officers and directors by stockholders who purchased the company's common stock, including those who engaged in option transactions concerning AES securities, between July 27, 2000, and November 8, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations regarding the California energy market to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that, during the specified time period, AES and others were manipulating California's electricity market by illegally withholding supply, causing prices for electricity in California to skyrocket. AES's reported revenues from its sale of electric power were allegedly inflated, in part, from its role in manipulating the energy market and were not sustainable. Because the market manipulation was illicit, AES is now exposed to substantial contingent legal liabilities. The present action differs from other actions against AES which alleged violations of federal securities laws arising from misrepresentations in connection with the United Kingdom energy market. Those actions originally asserted claims arising from the adoption by the United Kingdom of a new framework for the pricing of energy that exerted downward pressure on prices and adversely affected the company's ability to be profitable in the UK, particularly in connection with AES' Fifoots Point Power Plant in Wales, which began operations during the Spring of 2001. If you purchased or otherwise acquired AES common stock during the applicable period, you are automatically a member of the class. To assure that the attorneys for the class have current records regarding you, it is advisable that you contact them. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against chemical and polymer company Crompton Corporation (NYSE: CK) and certain of its officers and directors by stockholders who purchased the company's common stock (or the common stock of its predecessor, Crompton & Knowles Corporation) between October 26, 1998, and October 8, 2002. A class action has been filed against Lazard Ltd. (NYSE:LAZ), certain of its officers and directors by stockholders who purchased the company's common stock between May 04, 2005 and May 12, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On April 11, 2008, several motions to appoint lead plaintiffs and lead counsels were filed by several different groups and individuals.
On February 20, 2008, a motion to consolidate cases was filed by National City Corporation and certain individuals. As a result, a partial opposition to the above mentioned motion was filed on March 07, 2008. In response to the partial opposition, a reply in support of the motion to consolidate cases was filed by National City Corporation on March 19, 2008. The case continues with a motion to appoint lead plaintiffs and counsels filed by Skandia Life Insurance on March 24, 2008. As a response to the motion mentioned above, an order granting the appointment of lead plaintiffs and counsels was entered on April 01, 2008. In addition, two orders denying the motion to appoint lead plaintiffs and counsels of certain groups were entered on April 04, 2008. Last but not least, on May 06, 2008, the court granted an order on the withdrawal of Skandia Life Insurance Company LTD as counsel.
Several class actions have been filed against energy holding company TECO Energy, Inc. (NYSE:TE), and certain of its officers and directors by stockholders who purchased the company's common stock between October 30, 2001, and February 4, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Helen of Troy, Ltd. (HELE), certain of its officers and directors by stockholders who purchased the company's common stock between October 12, 2004 and October 10, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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