Contact Information: Contact: Lewis Kahn Kahn Gauthier Swick, LLC 650 Poydras St., Suite 2150 New Orleans, LA 70130 1-866-467-1400, ext. 100 Lewis.kahn@kgscounsel.com
INVESTOR ALERT: KGS Notifies Horizon Lines, Inc. Purchasers With Losses Greater Than $250,000 of Lead Plaintiff Application Deadline in Securities Class Action Lawsuit -- HRZ
| Source: Kahn Gauthier Swick, LLC
NEW ORLEANS, LA--(Marketwire - January 5, 2009) - Kahn Gauthier Swick, LLC ("KGS") announces
that a securities class action lawsuit was filed in the United States
District Court for the District of Delaware, on behalf of purchasers of the
securities of Horizon Lines, Inc. ("Horizon" or the "Company") (NYSE : HRZ )
between March 2, 2007 and April 25, 2008, inclusive (the "Class Period").
No class has yet been certified in this action.
If you would like to discuss your legal rights, along with the lead
plaintiff position and its related responsibilities including overseeing
lead counsel with a goal of obtaining a fair settlement, you may e-mail or
call KGS Managing Partner Lewis Kahn, without obligation or cost to you,
toll free 1-866-467-1400, ext. 100, via cell phone after hours at
504-301-7900, or by email at lewis.kahn@kgscounsel.com.
Horizon and certain of its executive officers are charged with violating
the Securities Exchange Act of 1934. Among other things, the complaint
asserts 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.
If you wish to serve as lead plaintiff in this class action lawsuit, you
must move the Court no later than March 2, 2009. Any member of the putative
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. If you would like to discuss your legal rights, you may e-mail or
call KGS Managing Partner Lewis Kahn, without obligation or cost to you,
toll free 1-866-467-1400, ext. 100, after hours via cell phone
504-301-7900, or by email at lewis.kahn@kgscounsel.com. To learn more about
KGS, you may visit www.kgscounsel.com. KGS is a law firm focused on
securities class action litigation with offices in New Orleans and New York
City.
KGS' lawyers have significant experience litigating complex securities
class actions. Among other cases, KGS has been appointed Lead or Co-Lead
Counsel in the following securities cases: In re: U.S. Auto Parts Networks,
Inc. Securities Litigation, C.D. Cal.; In re Optionable, Inc. Securities
Litigation, S.D.N.Y.; In re Xethanol Corporation Securities Litigation,
S.D.N.Y.; Pixelplus Co. Ltd., S.D.N.Y.; In re Witness Systems Inc.
Securities Litigation, N.D. Ga.; Whitney Information Network, M.D. Fla.; In
re Superior Offshore International, Inc. Securities Litigation, S.D. Tex.;
In re Xinhua Finance Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon
Comm. Systems Inc., N.D. Cal.; and In re BigBand Networks, Inc. Securities
Litigation, N.D. Cal.
SPECIAL NOTICE: KGS encourages you to carefully evaluate any firm you may
consider to represent your interests in the HORIZON class action. The
Private Securities Litigation Reform Act ("PSLRA") permits HORIZON
shareholders to choose counsel of their choice to prosecute this action.
Critical components of a law firm's ability to successfully prosecute this
action and obtain a strong recovery for you include the resources it will
dedicate to prosecution of the case, including the number of lawyers the
firm has available for the HORIZON action in particular, AND especially the
quality of the firm's work. Interested shareholders are encouraged to call
for consultation and to request more information about KGS. While KGS has
not filed suit yet, the firm is currently conducting its own investigation
of HORIZON and invites shareholders to evaluate its complaint when choosing
counsel.