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Reddy Ice Holdings, Inc. Summary: According to a press release dated August 8, 2008, the complaint charges Reddy Ice and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States.
Specifically, the complaint alleges that during the Class Period, defendants issued a series of materially false and misleading statements concerning the Company’s financial performance and prospects. According to the complaint, from at least 2002 to the present, defendants engaged in a continuing agreement, understanding and conspiracy in restraint of trade to artificially raise, fix, maintain or stabilize prices for packaged ice in the United States in violation of §1 of the Sherman Act, 15 U.S.C. §1. Moreover, defendants divided up the packaged ice market so that they would not compete with other packaged ice makers, such as Arctic Glacier International, Inc. and Home City Ice Co. Specifically, the complaint alleges that Reddy Ice failed to disclose that (a) the Company was recognizing significant amounts of revenues derived from illegal activities in violation of the U.S. antitrust laws; and (b) as a result, the Company’s financial statements were not a fair presentation of Reddy Ice’s results and were presented in violation of U.S. Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission rules.
On March 6, 2008, after the markets closed, Reddy Ice issued a press release announcing that “federal officials executed a search warrant at the Company’s corporate office in Dallas on March 5, 2008.” Upon this news, on the next trading day, shares of the Company’s stock fell $7.73 per share, or 33%, to close at $15.38 per share, on heavy trading volume.
On July 17, 2009, District Judge Paul D. Borman signed the Order granting the motion to consolidate several actions. On July 27, 2009, Judge Borman granted the motion to appoint interim lead plaintiff and lead counsel. On August 6, 2009, an Order was entered modifying the previous Order appointing lead plaintiff and lead counsel. Lawrence Diamond and Southeastern Pennsylvania Transportation Authority’s are appointed interim lead plaintiffs and Schiffrin Barroway Topaz & Kessler, LLP is interim lead counsel and Zausmer, Kaufman, August, Caldwell & Taylor, P.C. is interim liaison counsel for the class. On November 2, 2009, the plaintiffs filed a Consolidated Class Action Complaint which named an additional individual as defendant.
INDUSTRY CLASSIFICATION:
SIC Code: 2090
Sector: Consumer Non-Cyclical
Industry: Food Processing
| COMPANY/ISSUER NAME: | Reddy Ice Holdings, Inc. |
| COMPANY/ISSUER TICKER: | FRZ |
| COMPANY WEBSITE: | http://www.reddyice.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| John Chamberlain, et al. v. Reddy Ice Holdings, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 08/08/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 09/03/2009 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| John Chamberlain, et al. v. Reddy Ice Holdings, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Class Action Complaint | |||
| Type: Complaint | Date on the document: 11/02/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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