ENGLEWOOD CLIFFS, N.J., April 10, 2006 (PRIMEZONE) -- Gardy & Notis, LLP has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of Sea Containers Ltd. (NYSE:SCR.A) (NYSE:SCR.B) stock during a class period of March 15, 2004 to March 24, 2006.
The lawsuit charges that Sea Containers misled investors and failed to disclose that (1) Sea Containers overvalued long-lived assets related to its ferry and container businesses by hundreds of millions of dollars; (2) Sea Containers' reported earnings were materially overstated; (3) Sea Containers' internal controls and procedures were deficient and its financial reports inherently unreliable; (4) Sea Containers' reported financial results falsely represented its true results of operations and prospects; and (5) Sea Containers overstated its gain on the sale of its interest in Orient-Express Hotels Ltd.
On March 24, 2006, Sea Containers disclosed that it was completely quitting the ferry business, taking a $500 million charge, was in talks to amend some of its loan agreements, and would restate its earnings for 2005 and delay filing its annual reports with the SEC until April to allow time to resolve outstanding accounting issues. The price of Sea Containers stock dropped by 37.9 % in reaction to the news.
If you purchased or otherwise acquired Sea Containers stock at any time between March 15, 2004 and March 24, 2006, and have sustained damages, you may, no later than May 30, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation, and must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit or to obtain a copy of the complaint, please contact plaintiff's counsel, Mark C. Gardy at Gardy & Notis, LLP:
Gardy & Notis, LLP Mark C. Gardy 440 Sylvan Avenue Englewood Cliffs, New Jersey 07632 Telephone: (201) 567-7377 Fax: (201) 567-7337 E-mail: mgardy@gardylaw.com Website: www.gardylaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca