Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Rhodia S.A.
08 April 2005 - 6:47PM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Rhodia S.A. HARTFORD, Conn., April 8 /PRNewswire/ -- The law firm
of Schatz & Nobel, P.C., which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the District of New Jersey
on behalf of all persons who purchased the publicly traded
securities of Rhodia S.A. (NYSE:RHA) ("Rhodia" or "the Company")
between April 26, 2001 and March 23, 2004, inclusive (the "Class
Period"). The Complaint alleges that Rhodia and certain of its
officers and directors violated federal securities laws.
Specifically, defendants overstated Rhodia's financial results by
failing to record impairment on a timely basis in order to: (i)
protect their executive positions and compensation; (ii) raise EUR
1 billion in Notes in a private placement on May 28, 2003, as well
as EUR 290 million in a private placement of Notes with American
investors in 2001; and (iii) enhance the value of their personal
Rhodia holdings. During the Class Period, defendants knew, but
concealed that: (i) Rhodia's ChiRex unit was impaired and had not
been written down in a timely fashion; (ii) Rhodia failed to write
down deferred tax assets to recoverable values in 2002 and failed
to do so until the end of 2003; (iii) Rhodia failed to properly
report its outstanding debt; and (iv) Rhodia failed to include
disclosures necessary for investors to understand the trends in its
business. On March 23, 2004, it was revealed that French securities
regulators were conducting an inquiry into Rhodia's financial
reporting. On this news, Rhodia fell to $1.50 per share.
Subsequently, it was reported that France's stock market regulator
had found that Rhodia had failed to disclose important information
in a timely fashion beginning in 2001. If you are a member of the
class, you may, no later than June 6, 2005, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff is a
class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s). For more information about the case, its claims, and
your rights, please contact Schatz & Nobel toll-free: (800)
797-5499, or by e-mail: . To view a copy of the Complaint
initiating the class action, which was not filed by Schatz &
Nobel, or for more information about this case, class action cases
in general, or Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail:
DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or
Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499, Web
site: http://www.snlaw.net/
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