12.03.2009 22:30:00
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Law Offices of Howard G. Smith, Representing Investors of Century Aluminum Company, Announces Class Action Lawsuit
Law Offices of Howard G. Smith, representing investors of Century Aluminum Company ("Century Aluminum” or the "Company”)(Nasdaq:CENX), has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the "Class”) consisting of all persons or entities who purchased or otherwise acquired the securities of Century Aluminum pursuant and/or traceable to a materially false and misleading Registration Statement and Prospectus (collectively the "Registration Statement”) issued in connection with the Company's January 28, 2009 Secondary Offering (the "Offering”).
The Complaint charges Century Aluminum, certain of the Company's executive officers and directors, and the underwriters of the Offering with violations of federal securities laws. Century Aluminum, through its subsidiaries, produces molten aluminum, standard-grade ingot, extrusion billet, and other primary aluminum products in the United States and internationally.
The Complaint alleges that the Registration Statement was materially false and/or misleading because defendants failed to properly account for $929 million of Series A Convertible Preferred Stock, issued in July 2008, to reflect the cash receipts and disbursements associated with the transaction.
On March 2, 2009, Century Aluminum shocked the market when the Company disclosed that it would restate its interim consolidated statement of cash flows for the nine months ended September 30, 2008, to reflect cash flows related to the preferred stock issued in July 2008 which was not presented on the consolidated statement of cash flows in accordance with the Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Standards No. 95 "Statement of Cash Flows.”
In response to this news, shares of the Company’s stock declined more than 24% per share, to close on March 2, 2009, at $1.67 per share -- representing a cumulative loss of approximately 60% of the value of the Company’s shares from the time of its Secondary Offering less than two months earlier.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased or acquired Century Aluminum securities pursuant and/or traceable to the Company's January 28, 2009 Secondary Offering, you have certain rights, and have until May 8, 2009, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.
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Aktien in diesem Artikel
Century Aluminum Co. | 21,70 | -3,77% |
Indizes in diesem Artikel
NASDAQ Comp. | 19 060,48 | -0,60% | |
S&P 600 SmallCap | 935,46 | -0,94% |