HARTFORD, Conn., March 1, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Delaware on behalf of all persons who purchased or otherwise acquired the publicly traded securities of GrafTech International, Ltd. ("GrafTech" or the "Company") (NYSE:GTI) between November 3, 2005 and February 8, 2006, inclusive, (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements concerning the Company's business condition. Specifically, defendants failed to disclose the following adverse facts: (i) that pricing power for the Company's graphite electrode products was nonexistent, particularly in the European markets; (ii) that announced cost-cutting measures were insufficient to improve GrafTech's bottom line; (iii) that contraction in the non-graphite market was contributing to the Company's financial woes; (iv) that the Company was unable to accurately forecast growth and report guidance; and (v) that GrafTech's inability to determine the required extent of its restructuring activities and charges necessary to counter the costs of its staggering debt and loss of pricing power grossly understated the true costs that GrafTech would incur in the restructuring.
On February 8, 2006, GrafTech revealed the truth about its business prospects. As a result, the price of GrafTech shares plunged 37.0%, falling from $7.31 per share on February 8, 2006 to $4.60 per share on February 9, 2006, a one-day drop of $2.71 per share.
If you are a member of the class, you may, no later than May 1, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.