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Case Status:    SETTLED
On or around 05/07/2008 (Date of order of final judgment)

Filing Date: January 31, 2006

The Settlement Fairness was held before Judge Deborah A. Batts on May 7, 2008. The settlement, in the amount of $8,000,000, was approved as fair, reasonable and adequate. The judge also approved the Plan of Allocation and awarded attorneys' fees of 25% the settlement fund and expenses in an aggregate amount of $161,692.60.

According to an article dated August 24, 2007, a putative securities class action against Spanish energy giant Repsol YPF SA moved closer to resolution Thursday when the plaintiffs asked a judge to grant motions relating to a proposed $8 million settlement. The putative class, comprising Repsol shareholders during the period of Feb. 22, 2005 to Jan. 27, 2006, filed a motion in the U.S. District Court for the Southern District of New York seeking preliminary approval of the settlement, conditional class certification, class notice guidelines and a date for a hearing on final approval.

On June 13, 2006, the Court entered the Order granting the motion to appoint Jack Reynolds, Charles A. Kubo and John L. Brooks, III as Lead Plaintiffs. The actions 06cv733 and 06cv1014 were consolidated on 5/25/06 by oral order. The law firms of Lerach Coughlin Stoia Geller Rudman & Robbins LLP and Schiffrin & Barroway LLP have been appointed lead counsel. On September 1, 2006, a Consolidated Amended Complaint was filed.

The original complaint charges Repsol and certain of its officers and directors with violations of the Securities Exchange Act of 1934, specifically by issuing misrepresentations concerning Repsol's proven reserves. Reserves are estimates of oil and natural gas a company has and expects to pump, a crucial metric in gauging a company's growth prospect. Throughout the Class Period, defendants failed to disclose the following: (i) that Repsol was materially overstating its proven reserves. Repsol has now admitted that it will downgrade its proven reserves by 25% and take an asset impairment charge of approximately EUR 50 million; (ii) that Repsol was experiencing increasing political pressure in Bolivia which will have an adverse effect on the Company's operations; (iii) that the Company was experiencing difficulties in its production of gas in Bolivia; and (iv) that contracts with Repsol's existing customers would likely not be extended due to complications in extracting gas from certain fields in Argentina.

The complaint further alleges that on or around January 26, 2006, the Company filed its Form 6-K with the SEC in which it announced that it was cutting its oil and gas reserves estimate by 25% due mostly to problems that it had experienced in Bolivia and Argentina. On this news, on January 26, 2006, Repsol ADRs closed at $27.99, a decline of $2.12 per ADR, or over 7%. On January 27, 2006, Respol ADRs continued to decline, falling another $1.34 per ADR, or approximately 5%.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: Spain

SECURITIES INFORMATION:

Ticker Symbol: REP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 06-CV-00733
JUDGE: Hon. Richard C. Casey
DATE FILED: 01/31/2006
CLASS PERIOD START: 07/28/2005
CLASS PERIOD END: 01/27/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 06-CV-00733
JUDGE: Hon. Richard C. Casey
DATE FILED: 09/01/2006
CLASS PERIOD START: 02/22/2005
CLASS PERIOD END: 01/27/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date