Milberg Weiss Announces the Filing of a Class Action Suit against Sea Containers Ltd. and Certain of Its Officers and Directors on Behalf of Investors.NEW YORK -- The law firm of Milberg Weiss Bershad & Schulman LLP LLP - Lower Layer Protocol announces that a class action lawsuit 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 was filed today on behalf of purchasers of the securities of Sea Containers Ltd Sea Containers Ltd. is a Bermuda-registered company which operates two main business areas: transport and container leasing. In March 2006 the company sold its share of Orient-Express Hotels Ltd. . ("SCL (1) (Switch-to-Computer Link) Refers to applications that integrate the computer through the PBX. See switch-to-computer. (2) A file extension used for ColoRIX bitmapped graphics file format (640x400 256 colors). (language) SCL - 1. ") or the "Company" (NYSE NYSE See: New York Stock Exchange : SCR-A), between March 15, 2004 and March 24, 2006, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The action is pending in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York against defendants SCL, James Sherwood (former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , President and Chair); Robert Mackenzie (CEO), Daniel J. O'Sullivan (former CFO See Chief Financial Officer. ) and Ian C. Durant (CFO). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss's website at: http://www.milbergweiss.com If you bought the securities of SCL between March 15, 2004 and March 24, 2006, inclusive, and sustained damages, you may, no later than May 30, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 Milberg Weiss Bershad & Schulman LLP, or other counsel of your choice, to serve as your counsel in this action. The Complaint alleges that SCL's Class Period financial statements, disseminated in press releases and SEC filings, were materially false and misleading because, among other things: (a) the Company had overvalued Overvalued A stock whose current price is not justified by the earnings outlook or price/earnings (P/E) ratio and thus, expected to drop in price. Overvaluation may result from an emotional buying spurt, which inflates the market price of the stock or from a deterioration in a long-lived assets related to its ferry and container businesses by hundreds of millions of dollars; (b) the Company's reported earnings were materially overstated; (c) the Company's internal controls and procedures were deficient and its financial reports inherently unreliable; (d) the Company's reported financial results deceived investors regarding the Company's true historical results and prospects; and (e) the Company had overstated its gain on the sale of its interest in Orient-Express Hotels Ltd. The truth emerged on March 24, 2006. On that date SCL disclosed that it was completely quitting the ferry business, taking a $500 million charge, and that it was in talks to amend some of its loan agreements. The Company further disclosed that it would restate its earnings for 2005 and delay filing its annual reports with the U.S. Securities and Exchange Commission until April to allow time to finalize bank negotiations and outstanding accounting issues. On this news the Company's share price dropped by 37.9 %, from the March 24, 2006 per share opening price of $12 to a closing price of $7.45. During the Class Period, the Company issued and sold, at artificially inflated prices, $103,000,000 aggregate principal amount of unsecured 101/2% senior notes due 2012 in an underwritten public offering. Milberg Weiss Bershad & Schulman LLP (http://www.milbergweiss.com) is a firm with over 120 lawyers with offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Los Angeles, Boca Raton, Delaware and Washington, D.C. and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others for nearly 40 years. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G. Schulman Peter E. Seidman Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: (800) 320-5081 Email: sfeerick@milbergweiss.com Website: http://www.milbergweiss.com |
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