NEW YORK, Jan. 9, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Horizon Lines, Inc. ("Horizon" or the "Company") (NYSE:HRZ) between March 2, 2007 and April 25, 2008, inclusive (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 Horizon securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by March 2, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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 investors were misled about the Company's profitability, emanating from Horizon's use of improper price-fixing agreements with its competition, in violation of U.S. antitrust laws. On April 17, 2008, investors first learned the Company was the subject of a United States Department of Justice (the "DOJ") investigation for violations of antitrust laws. On this news, Horizon shares fell $3.53 per share, almost 20 percent.
On April 25, 2008, Horizon shares fell another $3.83 per share, over 20 percent, as the Company reported 1st Quarter 2008 results and revised downward the Company's earnings guidance for the 2008 fiscal year.
Recently, on October 1, 2008, the DOJ announced that three Horizon employees pled guilty for their roles in a conspiracy to eliminate competition and raise prices for the movement of goods between the U.S. and Puerto Rico, by agreeing not to compete for customers, to rig bids submitted to buyers, and to fix the prices of rates, surcharges and other fees charged to customers.