Cauley & Geller, LLP Announces Class Action Lawsuit Against USEC, Inc.Business Editors/Legal Writers BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 17, 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 Western District of Kentucky The United States District Court for the Western District of Kentucky is the federal district court whose jurisdiction includes the following Kentucky counties: Adair, Allen, Ballard, Barren, Breckinridge, Bullitt, Butler, Caldwell, Calloway, Carlisle, Casey, Christian, Clinton, on behalf of all individuals and institutional investors that purchased the common stock of USEC USEC Microsecond USEC United States Enrichment Corporation USEC United States East Coast USEC Unity Security Force (gaming) USEC Universal Services Echo Canceller USEC Umts Security USEC User Based Security Model , Inc. ("USEC" or the "Company") (NYSE NYSE See: New York Stock Exchange :USU USU Usually USU Utah State University (Logan, UT) USU Uniformed Services University USU Ural State University (Ekatherinburg, Russia) USU Universidade Santa Úrsula ) in or traceable to the Company's Initial Public Offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ") on July 23, 1998 and including all purchasers of the common stock from July 23, 1998 through December 2, 1999 (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's business, and as a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Specifically, the complaint alleges that statements made in connection with the IPO were materially false and misleading because they misrepresented and failed to disclose adverse material facts which were in existence at the time of the IPO, such as (1) the market for enriched uranium was in severe decline and as a result, placed the Company in a precarious position regarding previously entered into purchase contracts, and (2) the operation of the Gaseous Diffusion Plants was not economically viable and the Company was saddled with a money-losing contract that required it to buy Russian uranium at (what would soon be) above-market prices in a market where the primary customers for enriched uranium-nuclear power plants were reducing their purchases of uranium and were not required to pay more than market prices. 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 January 6, 2001. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion