NEW YORK, Nov. 9, 2004 (PRIMEZONE) -- Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on November 9, 2004 in the United States District Court for the District of Connecticut, on behalf of persons who purchased or otherwise acquired publicly traded securities of Star Gas Partners, L.P. ("Star Gas" or the "Company") (NYSE:SGU) between December 4, 2003 and October 18, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Star Gas and certain officers and directors ("Defendants").
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.glrslaw.com/get/?case=StarGas
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically the complaint alleges that Defendants, during the Class Period caused Star Gas's shares to trade at artificially inflated prices because it issued materially false and misleading statements. More specifically, Defendants concealed from investors that the Company was experiencing extensive delays in centralizing its dispatch system, causing customers to flock to competitors, that the Company's Petro heating oil division's process improvement program was not delivering the benefits claimed by Defendants, and that contrary to prior indications the Company could not maintain profit margins in its heating oil segment.
On October 18, 2004, the Company indicated that results at its heating oil unit were expected to decline significantly, which would inhibit it from meeting borrowing conditions under its working capital credit line. In reaction to this news, shares of Star Gas collapsed, falling from $21.60 per share to close at $4.32 the following day.
Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP. Goodkind Labaton is one of the country's premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts. Goodkind Labaton was recently ranked fourth in total recoveries in 2003 among the top 50 plaintiffs' law firms by Institutional Shareholder Services (ISS), the world's leading provider of proxy and corporate governance services. Notably, Goodkind Labaton recovered over half a billion dollars for its clients last year.
If you bought Star Gas securities between December 4, 2003 and October 18, 2004, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than December 20, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.