Sea Containers, Ltd. offers transport and container leasing services.

The original Complaint alleges that Defendants violated federal securities laws by issuing a series of materially false statements. Sea Containers stock dropped substantially after it revealed on March 24, 2006 that it was restating its financial statements to reflect a massive, $500 million write-down of the value of its ferry and container assets, and that it was in default of its loan covenants. The Complaint further alleges that Sea Containers and its top executives knew during the Class Period that, among other things, these assets were materially impaired, but failed to make the necessary adjustments, thus keeping the Company in compliance with its loan covenants, but artificially inflating the stock.

According to the docket, on August 14, 2006, the Court entered the Decision and Order signed by U.S. District Judge Richard M. Berman granting the motion to consolidate the various cases, to appoint Beverlie Wissner as lead Plaintiff and to appoint the Law Offices of Bernard M. Gross as lead Counsel. On October 4, 2006, the Plaintiffs filed a Consolidated Amended Complaint. A motion to dismiss the Consolidated Complaint was filed on December 20, 2006. Nine months later, on September 25, 2007, the judge granted Defendants' motion for dismissal providing Plaintiffs an opportunity to amend and re-file their Complaint.

On November 14, 2007, the lead Plaintiff filed a Second Consolidated Amended Complaint. The Defendants filed a motion to dismiss on December 21, 2007, and on February 20, 2008, Judge Richard M. Berman granted the motion to dismiss and dismissed the action with prejudice. Judgment was entered on May 28, 2008. On June 12, 2008, the Plaintiffs filed a Notice of Appeal. One year later, on June 15, 2008, the Court entered the certified copy of the Mandate from the Second Circuit Court of Appeals, affirming the decision of the District Court.