DALLAS, April 13, 2006 (PRIMEZONE) -- There are only 18 more days until the May 1, 2006 deadline to file for appointment of Lead Plaintiff in the pending class action lawsuit against GrafTech International, Ltd. ("GTI" or "the Company") (NYSE:GTI). If you purchased the securities of GTI between November 3, 2005 and February 8, 2006, inclusive (the "Class Period"), you may contact Baron & Budd, P.C. to discuss your legal options.
On February 28, 2006, the first complaint was filed against GTI alleging violations of Federal securities laws. During the Class Period defendants made materially false and misleading statements regarding the Company's business prospects, which served to artificially inflate the price of the Company's securities. Specifically, defendants knew and concealed that: (i) pricing power for the Company's graphite electrode products was nonexistent, particularly in the European markets; (ii) announced cost-cutting measures were unable to improve the Company's bottom line; (iii) contraction in the non-graphite market was affecting the Company's financial woes; (iv) the Company was unable to precisely forecast growth and report guidance; and (v) the Company's inability to determine the required depth of its restructuring activities and the charges necessary to counter the costs of its staggering debt and loss of pricing power heavily understated the true costs the Company would incur in restructuring.
On February 8, 2006, GrafTech revealed the truth about its business prospects. Upon this news the price of GrafTech shares sank 37.0%, on unusually high volume, dipping from $7.31 per share on February 8, 2006 to $4.60 per share on February 9, 2006, for a one-day drop of $2.71 per share.
If you are a member of this class and would like to take action in this suit, you may contact Baron & Budd, P.C. at the phone number below. You may also visit Baron & Budd online (http://www.securitiesactions.com). Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 80 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia and lymphoma caused by benzene; and injuries caused by other toxic substances and pharmaceuticals. The firm also represents water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers. For more information about Baron & Budd, call 1-800-222-2766 or visit www.baronandbudd.com. For more information about Baron & Budd's securities litigation practice, please visit www.securitiesactions.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca.