Printer Friendly

MAVERICK TUBE CLASS ACTION LAWSUIT DISMISSED

 MAVERICK TUBE CLASS ACTION LAWSUIT DISMISSED
 ST. LOUIS, Nov. 26 /PRNewswire/ -- Maverick Tube Corporation


(AMEX: MAV) announced the United States District Court in New York City yesterday dismissed the class action lawsuit that had been commenced against it, certain of its officers and its underwriters in connection with its initial public offering of March 19, 1991. Judge Robert Owen found that Maverick's registration statement and its prospectus prepared in connection with the March 19, 1991 offering adequately disclosed the volatility of demand for Maverick's product, thus rendering the lawsuit groundless. As the Judge stated:
 "Maverick made no misleading allegations in its prospectus concerning the future earnings of the company and fairly and accurately disclosed the risks of investing in the oil industry."
 Maverick's counsel, Bragar & Wexler, P.C. of New York City, informed the Company that this decision effectively terminates the litigation at the District Court level, but that plaintiff, however, has the right to appeal the dismissal to the Second Circuit Court of Appeals. The litigation may not be completely concluded until either the time for appeal expires or an appeal is made and dismissed. The company feels the suit to be wholly without merit.
 Maverick Tube Corporation is a St. Louis-based manufacturer of tubular products used in the energy industry and drilling, production and surface transportation and applications.
 -0- 11/26/91
 /CONTACT: Charles O. Struckhoff, vice president-administration and secretary of Maverick Tube, 314-537-1314/
 (MAV) CO: Maverick Tube Corporation ST: Missouri IN: OIL SU:


TS -- NY016 -- 7173 11/26/91 09:29 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1991
Words:255
Previous Article:GROUNDWATER TECHNOLOGY, INC. REPORTS SECOND QUARTER RESULTS
Next Article:ANANGEL-AMERICAN ANNOUNCES FIRST QUARTER EARNINGS UP 16 PERCENT
Topics:


Related Articles
COURT DISMISSES CLASS ACTION SUIT AGAINST TEKTRONIX
MAVERICK TUBE CORPORATION MAJOR EQUIPMENT PURCHASE FOR PRODUCT LINE DIVERSIFICATION
MAVERICK TUBE CORPORATION MOVES TO NASDAQ
CHRYSLER CORPORATION SUES LAWYERS FOR MISCONDUCT IN BRINGING CLASS ACTION LAWSUITS
FORMER EMPLOYEES VOLUNTARILY DROP SUIT AGAINST U S WEST
Federal Court Dismisses Class Action Suit Against Greyhound
R.J. Reynolds Says Federal Court Resoundingly Rejects Class-Action Lawsuit
Maverick Tube Corporation Acquires Assets to Enter Drawn Tubing Market

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters