NEW YORK, March 4, 2004 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that it represents an institutional investor with a significant financial interest that has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of a class of purchasers of Royal Dutch Petroleum Company (NYSE:RD) (Amsterdam:RD.AS) and/or The Shell Transport and Trading Company, plc. (NYSE:SC) (London:SHEL.LN) securities during the period from April 8, 1999 through January 9, 2004, inclusive (the "Class Period").
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com/new_cases/Shell/Shell.htm or contact us by phone at (888) 529-4787 or by email at vlee@kmslaw.com for more information.
The action charges Royal Dutch Petroleum Company ("Royal Dutch") and The Shell Transport and Trading Company, PLC ("Shell") (collectively,"Royal Dutch/Shell") and certain of their subsidiaries and officers with violations of Sections 10(b) and Rule 10b-5 and Section 20(a) of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of Royal Dutch/Shell's securities.
The action alleges that during the Class Period Royal Dutch/Shell issued a series of material misrepresentations to the market concerning Royal Dutch/Shell's financial standing that failed to disclose and/or misrepresented the following adverse facts, among others: (i) the defendants had overstated Royal Dutch/Shell's proved oil and gas reserve figures by 20%, amounting to 3.9 billion barrels of oil equivalent ("boe"); (ii) Royal Dutch/Shell's booking of proved reserves during the Class Period failed to meet SEC standards or even Royal Dutch/Shell's own publicly-stated policies on booking reserves; (iii) Royal Dutch/Shell overstated reserves by including in its proved oil and gas reserve figures estimates from the Gorgon project in Australia and fields in Nigeria when such projects did not meet industry and SEC standards for proved reserves; (iv) Royal Dutch/Shell booked as proved reserves from the Gorgon venture even though the oil companies it partnered with had not; (v) Royal Dutch/Shell booked proved reserves for many projects before a final investment decision had been made; and (vi) as a result, Royal Dutch/Shell's market value was materially overstated at all relevant times. When Royal Dutch/Shell announced, on January 9, 2004, that it would reduce its proved oil and gas reserves by 20%, the price of Royal Dutch's and Shell's American Depository Receipts ("ADRs") and common stock fell sharply, and Standard & Poor's and Moody's placed Royal Dutch/Shell's credit ratings on review for a possible downgrade.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of investors in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than March 26, 2004 move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact Kirby McInerney & Squire, LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.