NEW YORK, Aug. 15, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Utah on behalf of purchasers of Huntsman Corporation ("Huntsman" or "the Company") (NYSE:HUN) common stock during the period between June 26, 2007 - June 18, 2008 (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Huntsman common stock during the period described above, you have certain rights, and have until no later than September 15, 2008 in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that on July 12, 2007, the Company announced that it has agreed to be acquired by Hexion Specialty Chemicals, Inc. ("Hexion") for $28.00 per share. In the weeks and months following Huntsman's announcement that it had signed a definitive Merger Agreement with Hexion, and with the Company's securities trading at artificially inflated prices, Company insiders sold 57,082,420 shares of the Company's stock for gross proceeds of over $1.3 billion.
Then on June 19, 2008, the Company shocked investors when it announced that Hexion had filed a lawsuit against Huntsman seeking to terminate the Merger Agreement. The suit filed by Hexion revealed that three of Huntsman's five business segments had significantly underperformed relative to expectations, estimations and projections. On this news, the Company's shares fell $8.00 per share, or 38.35 percent, to close on June 19, 2008 at $12.86 per share, on unusually heavy trading volume.