NEW YORK, April 21, 2006 (PRIMEZONE) -- Labaton Sucharow & Rudoff LLP filed a class action lawsuit on April 21, 2006 in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities 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 lawsuit was filed against Sea Containers, James B. Sherwood, and Ian C. Durant ("Defendants").
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/get/?case=SeaContainers
The complaint alleges that Defendants violated the federal securities laws by issuing a series of materially false and misleading press releases concerning the Company's financial results and business prospects. In particular, the complaint alleges that Sea Containers failed to disclose:
-- That the Company over valued its long-lived assets in its
ferry and container businesses by hundreds of millions of
dollars;
-- That the Company had overstated its gain on sale of its
interest in Orient-Express Hotels Ltd;
-- That its earnings were materially overstated and that it
lacked sufficient and adequate internal controls.
-- That Defendants knew that the Company's assets were
materially impaired but failed to make the necessary
accounting adjustments to reflect the high level of
impairment.
On March 24, 2006, Sea Containers shocked the market when it revealed that it would be restating its financial results for all of 2005 and that it would delay the filing of its annual report with the SEC. In particular, the Company indicated that it would be restating results to reflect a $500 million write-down of the value of its ferry and container assets and that it was in default on its loan covenants. In reaction to this news, shares of Sea Containers fell dramatically, falling 37.9% from $12 per share to $7.45 per share on March 24, 2006.
Plaintiffs are represented by the law firm of Labaton Sucharow & Rudoff LLP. Labaton Sucharow is one of the country's premier national law firms that represent individual and institutional investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 40 years and has been recognized for its reputation for excellence by the courts.
If you bought Sea Containers securities between March 15, 2004 and March 24, 2006, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than May 30, 2006. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives or Christopher Keller, Esq. at 800-321-0476.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca