Cauley & Geller, LLP Announces Class Action Lawsuit Against Avista Corporation Seeking Damages On Behalf of Shareholders.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--July 31, 2000 The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol announced today that it has filed a class action in the United States District Court for the Eastern District of Washington The United States District Court for the Eastern District of Washington is the Federal district court whose jurisdiction comprises the following counties: Adams, Asotin, Benton, Chelan, Columbia, Douglas, Ferry, Franklin, Garfield, Grant, Kittitas, Klickitat, Lincoln, Okanogan, on behalf of all individuals and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. that purchased the common stock of Avista Corporation ("Avista" or the "Company") (NYSE NYSE See: New York Stock Exchange :AVA Ava, in the Bible Ava (ā`və), in the Bible, an unidentified city of Mesopotamia, perhaps the same as Ivah. Its inhabitants are called Avites. ) between April 7, 2000 and June 21, 2000, inclusive (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws. The complaint alleges that during the Class Period, despite assurances from Avista that it would only enter into derivative contracts as a means to "limit the exposure to market risk," the Company covertly entered into massive amounts of Forward Contracts in an undisclosed gamble that electricity prices would decrease in the future. Unfortunately for Avista's shareholders, the price of electricity increased dramatically, causing severe losses on the derivative Forward Contracts. On June 21, 2000, Avista was forced to publicly acknowledge the extent of the losses related to this improper speculation. On the day prior to the Class Period, Avista shares were trading at $37 11/16 per share. When the truth about the Company was revealed on June 21, 2000, Avista's shares closed trading at $19 per share. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by September 26, 2000. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com. |
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