Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Corn Products International, Inc.
May 23 2005 - 11:51AM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Corn Products International, Inc. HARTFORD, Conn., May 23
/PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has
significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the
Northern District of Illinois on behalf of all purchasers of
publicly traded securities of Corn Products International, Inc.
(NYSE:CPO) ("Corn Products International") between January 25, 2005
and April 4, 2005 (the "Class Period"). The Complaint alleges that
Corn Products International violated federal securities laws by
issuing false or misleading public statements. These allegations
arise out of the April 5, 2005, announcement that Corn Products
International expected first quarter earnings to decline by 35 to
40 percent from the first quarter of 2004. The Complaint alleges
that prior to this announcement, Corn Products International had
issued improper statements concerning its future prospects.
Specifically, the Complaint alleges that those statements were
improper because, at the time they were made, Corn Products
International knew that it was experiencing manufacturing problems
at certain of its facilities, causing expenses to rise dramatically
above internally forecasted levels, and causing certain processing
facilities to close and/or slowdown production. The Complaint also
alleges that Corn Products International had contracted for corn in
Canada in the late Fall of 2004 at prices higher than present
prevailing prices, thereby forcing the it to purchase corn at
above-market prices. In reaction to the April 5, 2005 announcement,
the price of Corn Products International stock fell from a close of
$25.86 per share on April 4, 2005, to close at $20.98 per share on
April 5, 2005. If you are a member of the class, you may, no later
than July 19, 2005, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the litigation.
Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could
affect the overall recovery for class members, including decisions
concerning settlement. The securities laws require the Court to
consider the class member(s) with the largest financial interest as
presumptively the most adequate lead plaintiff(s). For more
information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by
e-mail at . To view a copy of the Complaint initiating the class
action, which was not filed by Schatz & Nobel, or for more
information about this case, class action cases in general, or
Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy Kulesa
Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail:
DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or
Nancy Kulesa both of Schatz & Nobel, +1-800-797-5499, Web site:
http://www.snlaw.net/
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