|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 4381 | Environmental | 08/09/2005
A class action has been filed against Trex Company, Inc. (NYSE:TWP), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and June 22, 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.
According to a press release dated July 8, 2005, the complaint charges Trex, Robert G. Matheny, and Paul D. Fletcher with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the expected re-orders of inventory were not materializing, as Trex distributors worked to dispose of excess inventory; (2) that the expansion of the Company's distribution program with The Home Depot materially slowed due to delays in rolling out the Company's products; (3) that the Company cost cutting initiatives failed to limit the impact of higher raw material costs; (4) that there were manufacturing issues with the Artisan and Brasilia rail lines; and (5) that as a consequence of the foregoing, defendants' positive statements about the Company's growth and progress lacked in any reasonable basis when made. On June 22, 2005, Trex announced that the Company expected a substantial loss for the quarter and guided its earnings lower for the year. On this news, shares of Trex fell $10.59 per share, or 29.66%, on June 23, 2005, to close at $25.11 per share. During the Class Period, while Trex stock was trading at artificially inflated prices, insiders sold 680,395 shares for gross proceeds of $29,833,121. If you bought Trex Company, Inc. securities between October 25, 2004 and June 22, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. 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 Environmental Cases of Interest A lawsuit was filed against the owner of a Prairieville, Louisiana landfill and one of the waste transporters. Court records show the lawsuit seeks a court order to halt the facility’s reportedly foul smell. Filed by a Prairieville resident who lives near the landfill off La. 928, the lawsuit asks a state court judge to grant an order blocking the landfill owner and transporters from “emitting odors which cause the plaintiffs” serious or material discomfort, records show. A $5 billion class-action lawsuit has been filed in federal courts by multiple attorneys in several states against DuPont Co. saying the company failed to warn consumers of the dangers of a Teflon chemical. The law firms of Stevenson LLP and Bogoroch & Associates have been instructed to commence a
class action on behalf of the representative plaintiffs, Giuseppina Santoro
and Gianfrano (John) Santoro for damages sustained by the residents,
homeowners and business persons as a result of the explosions which took place
on Sunday, August 10, 2008 at the premises of Sunrise Propane Energy Group
Inc. A lawsuit against the Canadian National Railway over a train derailment that forced hundreds of residents to evacuate southern Illinois town of Tamaroa can continue as a class action case, an appellate court ruled. The railroad had appealed a lower court's ruling that granted class action status to the plaintiffs, which number more than 500, according to the plaintiffs' attorney. Lawyers filed a lawsuit seeking class action status against a Michigan landfill, claiming that waste brought in from Canada is causing harmful odors. The lawsuit claims that area residents have complained the Carleton Farms landfill receives a significant amount of waste from Canada whose noxious and harmful odors interfere with residents` ability to use and enjoy their property. Kahn Gauthier Swick is investigating possible legal actions against Norfolk Southern and other responsible parties after a train carrying chlorine as well as several other toxic chemicals crashed into a parked train at the Avondale Mills Textile Plant in the small town of Graniteville, South Carolina, in Aiken County, on January 6, 2005, causing eight deaths, hundreds of injuries and an evacuation of the surrounding area. |
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
