COLCHESTER, Conn., Oct. 21, 2004 (PRIMEZONE) -- Scott + Scott, LLC has filed a complaint charging TECO Energy (NYSE:TE) and certain of its officers and directors with violations of the Federal Securities Laws (Securities Exchange Act of 1934). TECO is a holding company for regulated utilities and other unregulated businesses.
Scott + Scott, LLC (TecoSecuritiesAction@scott-scott.com or nrothstein@scott-scott.com), a U.S. law firm based in Connecticut with offices in Ohio and California (http://www.scott-scott.com ), announces that it had filed a complaint in the United States District Court for the Middle District of Florida on behalf of all purchasers from October 30, 2001 through February 4, 2003 inclusive (the "Class Period"). Of Teco Energy Inc. ("Teco or the Company") (NYSE:TE). You can contact Scott + Scott, LLC at 800/404-7770 (EDT) or 800/332-2259 (PST); you can also dial direct at 860/537-3818 in Connecticut or 619/233-4565 in California. Those who purchased securities in Teco can contact the firm to further discuss this matter. Those who purchased the following securities are welcome to join the action and these are as follows:
Offering Date Security
01/10/02 9.5% Adjustable Conversion Rate
Equity Security Units
06/05/02 TECO Common Stock
10/10/02 TECO Common Stock
05/08/02 6.125% Notes due 05/01/07
05/08/02 7% Notes due 05/01/12
11/15/02 10.5% Notes due 12/01/07
01/02/03 10.5% Notes due 12/01/07 -- Exchange Offer
The complaint alleges that during the Class Period, defendants concealed problems with several independent power plant construction ventures. TECO would be fully responsible for them, including the Company's full exposure to the demise of Enron Corporation and the vulnerability of the Company's large cash dividend. This caused TECO shares to trade at artificially inflated levels, permitting defendants to sell over $4.2 million of their own stock and to raise over $792 million selling equity securities in the capital markets.
Then, through a series of events in late 2002 and early 2003, the Company's intricate financing scheme began to unravel as several of these large projects and their liabilities were "put" to TECO, moving hundreds of millions of dollars of off-balance sheet debt and onto TECO's balance sheet, resulting in the Company taking over a billion dollars in impairment charges and causing the price of its common stock to plummet from a Class Period high of over $28 per share on April 23, 2002 to below $13 per share on February 4, 2003, erasing hundreds of millions of dollars in market capitalization.
If you are a member of the class described above, you may, not later than October 25, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Scott + Scott, LLC, which prides itself on its dedication to the best interests of the class, recently won an important decision on behalf of it lead plaintiff halting a settlement that was inadequate: http://www.washingtonpost.com/wp-dyn/articles/A13102-2004Sep10.html .
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, is a law firm with a national practice and reputation. Scott + Scott dedicates itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Please visit our website at http://www.scott-scott.com to learn more about the firm, its practice and other cases. If you wish to discuss this action with an attorney or have any questions concerning this notice, your rights or any matter within our expertise, please contact attorney Neil Rothstein at nrothstein@scott-scott.com or by calling 800-404-7770 (EDT) or 800-332-2259 (PDT). You can dial direct in California at 619-233-4565. Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-4432. This release is issued in accordance with the applicable federal law of the United States.
OTHER CASES FILED/INVESTIGATED: Lattice Semiconductor (Nasdaq:LSCC), Marsh & McLennan Companies, Inc (NYSE:MMC), Chiron (Nasdaq:CHIR), Hartford Insurance (NYSE:HIG), Converium Holding AG (NYSE: CHR), Ace Limited (NYSE:ACE), Apollo Group, Inc (Nasdaq:APOL), American International Group, Inc (NYSE:AIG), Stonepath Group, Inc. (NYSE:STG), Merck (NYSE:MRK) and more.
ANTITRUST SECURITIES PENSION BENEFITS (ERISA)
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.