Shareholder Class Action Filed Against Rhodia S.A. By The Law Firm of Schiffrin & Barroway, LLP
20 4월 2005 - 8:15AM
PR Newswire (US)
Shareholder Class Action Filed Against Rhodia S.A. By The Law Firm
of Schiffrin & Barroway, LLP RADNOR, Pa., April 19 /PRNewswire/
-- The following statement was issued today by the law firm of
Schiffrin & Barroway, LLP: Notice is hereby given that a class
action lawsuit was filed in the United States District Court for
the District of New Jersey on behalf of all securities purchasers
of Rhodia S.A. (NYSE:RHA) ("Rhodia" or the "Company") between April
26, 2001 and March 23, 2004, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq.
or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or
1-610-667-7706, or via e-mail at . The complaint charges Rhodia,
Jean-Pierre Tirouflet, Gilles Auffret and Pierre Prot 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 Company failed to timely write down the value of its
ChiRex subsidiary. In particular, Rhodia failed to disclose in a
sufficiently precise and sincere manner the evolution of ChiRex's
turnover and outlook during 2003, making it difficult for the
market to evaluate the risk of value loss and the consequences on
the financial situation of the Group; (2) that the Company failed
to depreciate its deferred taxes assets in fiscal year 2002 and in
the 1st half of 2003; (3) that Rhodia failed to communicate with
investors on all the components of its debt, particularly off
balance sheet items that were significant, on its level of
liquidity, and on the coverage of its environmental risks; and (4)
that as a result of the foregoing Rhodia's financial results were
materially inflated at all relevant times. On March 23, 2004,
Rhodia revealed in a SEC filing an auditor's concerns about
Rhodia's cash position. PricewaterhouseCoopers said in a filing
with the SEC that Rhodia faced depressed market conditions and it
did not expect positive cash flow this year. The filing also showed
that French market authorities had launched an inquiry into
Rhodia's financial statements. On this news shares of Rhodia fell
$0.21 per share or 7.12 percent, on March 24, 2004, to close at
$2.74 per share. Plaintiff seeks to recover damages on behalf of
class members and is represented by the law firm of Schiffrin &
Barroway, which prosecutes class actions in both state and federal
courts throughout the country. Schiffrin & Barroway is a
driving force behind corporate governance reform, and has recovered
in excess of a billion dollars on behalf of institutional and high
net worth individual investors. For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com/. If you are
a member of the class described above, you may, not later than June
6, 2005, move the Court to serve as lead plaintiff of the class, if
you so choose. A lead plaintiff is a representative party that acts
on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that
the class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Marc A.
Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor,
PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail
at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A.
Topaz, Esq. or Darren J. Check, Esq., both of Schiffrin &
Barroway, LLP, +1-888-299-7706, +1-610-667-7706 or Web site:
http://www.sbclasslaw.com/
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Rhodia (NYSE:RHA)
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Rhodia (NYSE:RHA)
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부터 7월(7) 2023 으로 7월(7) 2024