NEW YORK, Nov. 18, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the District of Maryland against Constellation Energy Group, Inc. (NYSE:CEG) ("Constellation" or the "Company") for violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The lawsuit is brought on behalf of a class of all persons who were participants in or beneficiaries of the Employee Savings Plan and the Represented Employee Savings Plan for Nine Mile Point (the "Plans") between January 30, 2008 and the present (the "Class Period") and whose Plan accounts included investments in Constellation common stock.
Constellation is a Maryland corporation with its principal executive offices located in Baltimore, Maryland. Constellation is an energy company that conducts its business through various subsidiaries.
According to the class action complaint, during the Class Period, defendants failed to disclose material adverse facts concerning Constellation's financial well-being, business operations and prospects. Specifically, the complaint alleges that the Company failed to disclose: (1) the extent of its credit exposure to trading partners, including Lehman Brothers Holding Inc., which negatively affected the Company's ability to engage in energy-related trades; (2) that the Company's financial results were inflated by questionable accounting practices; and (3) that it was not on track to meet its 2008 earnings guidance.
Bull & Lifshitz, LLP is investigating whether, based on the foregoing allegations, Constellation stock was an imprudent investment for the Plan. Violations may have occurred in at least two ways: (1) by continuing to offer Constellation common stock as a Plan investment when it was imprudent to do so, and (2) by maintaining the Plan's investment in Constellation stock in the Plan when it was imprudent to do so.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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