Suit pending against stock fraud Sea Containers Ltd.
A shareholder filed an appeal against Sea Containers Ltd ( “SCL” or the “Company”) (NYSE: SCR.A) is currently in Federal Court here, Berman DeValerio Pease Tobacco Burt and Pucillo announced today.
The complaint alleges that the individual enterprise and the three accused against the ยง 10 (b) and 20 (a) of the Securities Exchange Act of 1934 ( “Exchange Act”), 15 USC Sections 78j (b) and 78t and the SEC Rule 10b -5, 17 CFR Section 240.10b-5, ad there.
Sea Containers Ltd offers passengers and cargo and leases Marine Containers.
According to the complainant, the complaint by the defendant products issued false and misleading statements on the SCL, the financial results of the company inflated stock prices during the class. In particular, the accused: (a) is not timely record $ 500 million in value on the value of certain assets in securities SCL’s Ferry and containers of activity, (b) the merits of the company overstated Over the period of class, and (c) the benefit of selling overvalued equity SCL, in the interest of Orient-Express Hotels Ltd.
The truth of March 24, 2006, as SCL revealed that his tray shutter business, a $ 500 million decrease in value of certain assets and reaffirm their reports 2005 financial results. SCL more exposed than the significant depreciation of the assets of the company’s debts, in violation of certain covenants with lenders. Finally, SCL known, said that its previously reported financial results for 2005.
The market reacted quickly, sending prices of shares SCL for more than 38%, a closing price of $ 12.06 per share on March 23, 2006, to $ 7.45 per share at the close of market on March 24, 2006.
If you SCL securities purchased on March 15, 2004, including 23 March 2006, you can contact lawyers Berman DeValerio Pease Tobacco Burt Pucillo and your rights and interests.
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