Jones Day Wins Dismissal of Securities Class Action Complaint Against The Southern Company and Certain Former Directors of Mirant Corporation

Jones Day Wins Dismissal of Securities Class Action Complaint Against The Southern Company and Certain Former Directors of Mirant Corporation - 1/12/2009

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2009 News and Press Releases

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News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

Jones Day Wins Dismissal of Securities Class Action Complaint Against The Southern Company and Certain Former Directors of Mirant Corporation
Staff Writer - Jones Day

Jones Day Website. January 12, 2009
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EXCERPT: On January 7, 2009, the U.S. District Court for the Northern District of Georgia dismissed a consolidated securities class action complaint against The Southern Company, certain officers and directors of The Southern Company’s former subsidiary Mirant Corporation, and the underwriters of Mirant Corporation’s initial public offering (In re Mirant Corp. Sec. Litig., No. 1:02-CV-1467-RWS (N.D. Ga.)). In the corrected consolidated second amended complaint, the plaintiffs alleged that Mirant Corporation made false statements in its IPO registration statement and in various post-IPO financial statements and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and under Sections 11 and 15 of the Securities Act of 1933. Jones Day, representing The Southern Company and certain of Mirant Corporation’s former directors, moved to dismiss the corrected consolidated second amended complaint on the grounds that the plaintiffs failed to adequately plead a primary violation of the Securities Act or a controlling person violation under the Securities Act and the Securities Exchange Act. Judge Richard W. Story, in a 75-page opinion, held that none of the plaintiffs' allegations stated a claim for relief, concluded that permitting the plaintiffs yet another opportunity to amend would be futile, and dismissed the claims with prejudice.

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