World Fuel Services Corporation - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

World Fuel Services Corporation Conclusion: According to the Company’s FORM 10-K For The Fiscal Year Ended March 31, 2001, in December 2000, the United States District Court of the Southern District of Florida dismissed the lawsuit filed against World Fuel and its executive officers and in April 2001, the same Court denied the plaintiffs' motion to alter and/or amend the case dismissal judgment.

Previously, according to the same SEC filing, in February and March 2000, two shareholders filed class action lawsuits against World Fuel and four of its executive officers in the United States District Court for the Southern District of Florida. The lawsuits were subsequently consolidated. The lawsuit alleged violations of U.S. federal securities laws and sought an unspecified amount of damages arising from the decrease in World Fuel's stock price on January 31, 2000. In June 2000, the plaintiffs amended their complaint to delete two of the claims made therein and to drop two of World Fuel's officers as defendants.

The original complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing materially false and misleading information about the Company's business, financial condition, earnings and future prospects. Specifically, the complaint alleges that the Company failed to take adequate reserves for losses, failed to disclose that it lacked insurance on key assets and failed to disclose that bad debts had been consistently accounted for as advances to third-parties. As a result of these false and misleading statements, the plaintiff alleges that the Company's stock traded at artificially inflated prices during the class period. When the truth about the Company was revealed, the price of the stock dropped significantly.

INDUSTRY CLASSIFICATION:
SIC Code: 5172
Sector: Energy
Industry: Oil & Gas Operations

COMPANY/ISSUER NAME:	World Fuel Services Corporation
COMPANY/ISSUER TICKER:	INT
COMPANY WEBSITE:	http://www.wfscorp.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

[Unknown plaintiff] v. World Fuel Services Corporation, et al.

COURT: S.D. Florida	DOCKET NUMBER: 00-CV-541
JUDGE NAME: Hon. Federico A. Moreno
DATE FILED: 02/08/2000	SOURCE: Notice
CLASS PERIOD START: 05/26/1999	CLASS PERIOD END: 01/31/2000
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA) 600 West Broadway, 1800 One America Plaza, San Diego, CA, 92101 (voice) 800.449.4900, (fax) , support@milberg.com Shepherd & Geller LLC 117 Gayley Street, Suite 200, Media, PA, 19063 (voice) , (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT

Type:		Date on the document:

REFERENCE COMPLAINT

Coven, et al. v. World Fuel Services Corporation, et al.

COURT: S.D. Florida	DOCKET NUMBER: 00-CV-541
JUDGE NAME: Hon. Federico A. Moreno
DATE FILED: 6/30/2000	SOURCE: Business Wires
CLASS PERIOD START: 05/26/1999	CLASS PERIOD END: 01/31/2000
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Cauley Geller Bowman & Coates (Boca Raton, FL) 2255 Glades Road Suite 421A, Boca Raton, FL, 33431 (voice) 561.750.3000, (fax) , Milberg Weiss Bershad Hynes & Lerach LLP (Boca Raton) The Plaza, Suite 900, 5355 Town Center Road, Boca Raton, FL, 33486 (voice) (561) 361-5000, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Class Action Complaint
Type: Complaint		Date on the document: 07/30/2000
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/18/2001

OTHER DOCUMENTS
U.S. District Court Civil Docket
Case Name and/or Number: Carroll, et al. v. World Fuel Services Corporation, et al.
Type: Docket		Date on the document: 03/27/2000

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