According to a press release dated August 2, 2011, the defendant company and certain of its officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934.
The complaint alleges that on July 28, 2011, the Company revealed for the first time that it was performing below expectations and that errors in previous accounting treatment of interest expense relating to its amortization of certain financing fees, had resulted in the revision of the Company's past financial statements. Besides announcing second quarter earnings per share of 47 cents that were revised to 43 cents because of the interest expense treatment, the Company announced that 2011 earnings would be reduced by 20 cents, within a range of $2.85 to $2.95. Subsequently, shares fell 13% on July 28, 2011 to below $31 per share on high volume of over 11.32 million shares.
On October 5, 2011, the Plaintiffs filed a Notice of Voluntary Dismissal. Twenty days later, the Court issued an Order dismissing this case.
On January 04, 2012, the Court appointed District No. 9, I.A. of M. & A.W. Pension Trust and United Association Local Union Officers & Employees Pension Fund (the "Pension & Trust Funds") as Lead Plaintiffs and the Approval of the Selection of Robbins Geller and Motley Rice are approved as co-Lead Counsel. Further proceedings continued against the defendants under the case number 11-cv-22855.
On February 17, 2012, a Consolidated Class Action Complaint was filed by the lead plaintiffs against the defendants.
On April 18, 2013, the Court granted the Defendant’s Motion to Dismiss with prejudice and the Clerk was ordered to close the case.