NEW YORK, March 31, 2006 (PRIMEZONE) -- Roy Jacobs & Associates has filed a lawsuit on behalf of all purchasers of the stock of Sea Containers, Ltd. (NYSE:SCR.A) ("Sea Containers" or "the Company") from March 15, 2004 through March 24, 2006 ("the Class"). The action was filed in the Southern District of New York.
For further information you may call toll free, 1-888-884-4490, or contact counsel by e-mail by writing to classattorney@pipeline.com.
The Complaint alleges that Sea Containers stock dropped substantially after it revealed on March 24, 2006 that it was restating its financial statements to reflect a massive, $500 million write-down of the value of its ferry and container assets, and that it was in default of its loan covenants. The Complaint further alleges that Sea Containers and its top executives knew during the Class Period that, among other things, these assets were materially impaired, but failed to make the necessary adjustments, thus keeping the Company in compliance with its loan covenants, but artificially inflating the stock.
If you purchased Sea Containers stock during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased Sea Containers stock from March 15, 2004 through March 24, 2006. You are not required to have sold your Sea Containers stock in order to claim damages, or to serve in this role. All motions for appointment as Lead Plaintiff must be filed with the Court no later than May 30, 2006.
If you purchased Sea Containers stock, and would like further information, please contact:
Roy Jacobs & Associates Roy L. Jacobs, Esq. Toll free: 1-888-884-4490