LAWSUITS NEWS & LEGAL INFORMATION
Veolia Environnement S.A. VE Securities Stock Fraud
|Company:||Veolia Environnement S.A.|
|Class Period:||Apr-27-07 to Aug-4-11|
|Lead Plaintiff Deadline:||Feb-25-12|
|Court:||Southern District of New York|
The complaint charges Veolia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Veolia operates utility and public transportation businesses. The Company supplies drinking water, provides waste management services, manages and maintains heating and air conditioning systems, and operates rail and road passenger transportation systems.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; (c) that Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States, and for Southern Europe; (d) that the Company's revenues were being hampered by the renewal of some of its major concession contracts; and (e) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 4, 2011, Veolia announced its half year results, for the period ended June 30, 2011. For the half year, the Company reported consolidated revenue of EUR16,286.7 million. Moreover, defendants reported operating income of EUR252.2 million, compared to EUR1100.7 million in the prior year period, due to "non-recurring write-downs amounting to EUR686M (principally in Italy, Morocco and the United States)." The Company stated that it would exit certain businesses and certain geographies, including its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States and in Southern Europe. In reaction to these announcements, the price of Veolia ADSs fell $4.66 per share, or over 22%, to close at $16.10 per share, on heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Veolia Environnement S.A. VE Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Veolia Environnement S.A. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Dec-28-11
READ MORE Securities Settlements and Legal News