HARTFORD, Conn., March 31, 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 Southern District of New York on behalf of all persons who purchased or otherwise acquired the common stock of Sea Containers, Ltd.("Sea Containers" or the "Company") (NYSE:SCR.A) between March 15, 2004 and March 24, 2006, inclusive, (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements. 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 are a member of the class, you may, no later than May 30, 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.