NEW YORK, April 18, 2006 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Sea Containers Ltd. ("Sea Containers" or the "Company") (NYSE:SCR.A) (NYSE:SCRA) securities between March 15, 2004 through March 24, 2006, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning Sea Containers' financial results and business prospects. Specifically, the complaint alleges that Sea Containers failed to disclose, among other things, that: (a) the Company overvalued long-lived assets related to its ferry and container businesses by hundreds of millions of dollars; (b) the Company's reported earnings were materially overstated; (c) the Company's internal controls and procedures were deficient and its financial reports inherently unreliable; and (d) the Company overstated its gain on the sale of its interest in Orient-Express Hotels Ltd. As a result, the price of the Company's securities were artificially inflated throughout the Class Period. On March 24, 2006, however, Sea Containers stunned investors when it revealed it would be restating its financial results for all of 2005 and that it would delay filing its annual report with the SEC until April. In response, Sea Containers stock price dropped by approximately 38% from the March 24, 2006 opening price per share of $12 to a closing price of $7.45 on March 24, 2006 on extremely heavy trading.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired Sea Containers securities between March 15, 2004 through March 24, 2006, inclusive, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased Sea Containers securities during the Class Period, and sustained damages, you may, not later than May 30, 2006, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Anthony Vozzolo, Esq. Joshua Weinstein, Esq. Faruqi & Faruqi, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com e-mail: Jweinstein@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca