Stull, Stull & Brody Announces Class Action against Rhodia, S.A.
11 Mai 2005 - 3:00AM
Business Wire
Notice is hereby given that a class action lawsuit was filed on May
10, 2005 in the United States District Court for the District of
New Jersey, against Rhodia S.A. ("Rhodia" or the "Company")
(NYSE:RHA), on behalf of purchasers of Rhodia publicly traded
securities between April 26, 2001 and March 23, 2004, inclusive
(the "Class Period"). The complaint charges alleges that Rhodia
violated federal securities laws by issuing false or misleading
information. Specifically, defendants overstated Rhodia's financial
results by failing to record impairment on a timely basis in order
to: (1) 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 th 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 purchased
Rhodia securities between April 26, 2001 and March 23, 2004,
inclusive, you may, no later than June 6, 2005, request 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. 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 Stull,
Stull & Brody, or other counsel of your choice, to serve as
your counsel in this action. Stull, Stull & Brody has litigated
many class actions for violations of securities laws in federal
courts over the past 30 years and has obtained court approval of
substantial settlements on numerous occasions. Stull, Stull &
Brody maintains offices in both New York and Los Angeles. If you
wish to discuss this action or have any questions concerning this
notice or your rights or interests with respect to these matters,
please contact Tzivia Brody, Esq. at Stull, Stull & Brody by
e-mail at SSBNY@aol.com, or by calling toll-free 1-800-337-4983, or
by fax at 212/490-2022, or by writing to Stull, Stull & Brody,
6 East 45th Street, New York, NY 10017. You can also visit our
website at www.ssbny.com.
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