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TETRA Technologies Inc. Summary: A motion to consolidate cases was filed by the City of Livonia Employees' Retirement System and TETRA Technologies Inc. The Judge granted the motion and cases were consolidate on May 8, 2008.
According to a press release dated March 28, 2008 the complaint charges TETRA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company operates as an oil and gas services company worldwide. It manufactures integrated calcium chloride and brominated products, and supplies feedstocks to energy and other markets.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements and failed to disclose the following adverse facts which were known to defendants or recklessly disregarded by them: (i) that the Company’s Well Abandonment and Decommissioning (“WA&D”) division was not performing according to internal expectations; (ii) that the Company failed to timely take a charge for insurance receivables which remain uncollected; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 3, 2007, the Company announced its financial results for the second quarter of 2007 and reduced its full year 2007 earnings guidance because of, among other things, poor profits at its WA&D services. Shares of TETRA stock fell 25% following this announcement. Then, on October 16, 2007, TETRA issued a press release announcing that it was withdrawing its previously estimated full year 2007 earnings guidance because of, among other things, the Company’s concern that it would have to take a charge to earnings for substantial uncollected insurance receivables. In response to this announcement, the price of TETRA common stock fell an additional $1.76 per share, or approximately 8%, to close at $19.86 per share, on heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 2810
Sector: Energy
Industry: Oil Well Services & Equipment
| COMPANY/ISSUER NAME: | TETRA Technologies Inc. |
| COMPANY/ISSUER TICKER: | TTI |
| COMPANY WEBSITE: | http://www.tetratec.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| City of Livonia Employees' Retirement System, et al. v. TETRA Technologies Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 03/27/2008 | ||
| Order | |||
| Type: Order | Date on the document: 5/8/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/8/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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