K-Sea Transportation Partners L.P. - Securities Class Action

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

K-Sea Transportation Partners L.P. Summary: According to a press release dated January 26, 2012, the Company failed to disclose that: (a) it was allowing its customers to renew contracts on very short terms in order to sustain its utilization rates; (b) the lack of a lease renewal option on the Company's Norfolk, Virginia water treatment facility would require the Company to overpay for the purchase of the facility by $1.7 million in order to keep its oily water disposal business; and (c) the Company's debt situation was worse that reported so that a planned equity offering would be insufficient to protect the Company from breaching its financial covenants.

On January 28, 2010, before trading commenced, the Company revealed that it had incurred a $1.7 million charge in connection with overpaying for its water treatment facility due to lack of lease renewal options, the Company's vessel utilization was the lowest in a decade, and the Company’s dividend was suspended.

As a result of these revelations, the Company’s units plummeted $4.99 or 33.5%, to close at $9.89 on January 28, 2010, on exceptionally heavy trading volume over 23 times the daily average.

INDUSTRY CLASSIFICATION:
SIC Code:
Sector:
Industry:

COMPANY/ISSUER NAME:	K-Sea Transportation Partners L.P.
COMPANY/ISSUER TICKER:
COMPANY WEBSITE:	http://www.k-sea.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Rescue Mission of El Paso, Inc., et al. v. K-Sea Transportation Partners L.P., et al.

COURT: D. New Jersey	DOCKET NUMBER: 12-CV-00509
JUDGE NAME: Hon.William H. Walls
DATE FILED: 01/26/2012	SOURCE:
CLASS PERIOD START: 01/30/2009	CLASS PERIOD END: 01/27/2010
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. 5 Becker Farm Road , Roseland, NJ, 07068 (voice) (973) 994-1700 , (fax) (973) 994-1744 , Pomerantz Haudek Block Grossman & Gross LLP (New York) 100 Park Avenue, 26th Floor, New York, NY, 10017-5516 (voice) 212.661.1100, (fax) 212.661.8665, info@pomerantzlaw.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint
Type: Complaint		Date on the document: 01/26/2012
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/30/2012

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�