Milberg Weiss Announces The Filing Of A Class Action Suit Against Corn Products International, Inc., And Certain Of Its Officers
June 02 2005 - 11:50AM
Business Wire
The law firm of Milberg Weiss Bershad & Schulman LLP announces
that a class action lawsuit was filed on June 1, 2005 on behalf of
purchasers of the securities of Corn Products International, Inc.
(NYSE: CPO) ("Corn Products" or the Company) between January 25,
2005 and April 4, 2005 inclusive (the "Class Period") seeking to
pursue remedies under the Securities Exchange Act of 1934 (the
"Exchange Act"). If you bought the securities of Corn Products
between January 25, 2005 and April 4, 2005, and sustained damages,
you may, no later than July 19, 2005, request that the Court
appoint you as lead plaintiff. A lead plaintiff is a representative
party that acts on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. 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 serve as a lead plaintiff. You may retain Milberg
Weiss Bershad & Schulman LLP, or other counsel of your choice,
to serve as your counsel in this action. The action is pending in
the United States District Court for the Northern District of
Illinois (Eastern Division) against defendants Corn Products,
Samuel Scott (CEO) and Cheryl Beebe (CFO). A copy of the complaint
filed in this action is available from the Court, or can be viewed
on Milberg Weiss's website at: http://www.milbergweiss.com The
complaint alleges that Corn Products manufactures starches and
liquid sweeteners, including glucose corn syrups, high maltose corn
syrups and industrial and food-grade starches. Its basic raw
material is corn and, throughout the Class Period, defendants
maintained that they had properly hedged the Company's exposure to
corn price fluctuations. The truth emerged on April 4, 2005 after
the market closed, when it became clear that the Company had not,
as it had claimed, properly hedged its corn position. On that date,
defendants announced that first-quarter 2005 estimated earnings per
share would be down 35-40% year-over-year due to higher net corn
costs, higher energy and freight costs, and undisclosed
"manufacturing expense problems" (later revealed to have arisen
from "freakish" manufacturing problems at several plants in the
U.S. and Canada). On this news, Corn Product shares, which had
closed at $25.86 on April 4, 2005, fell $5.75, or 22%, to a low of
$20.11 before closing out the day at $20.98. Milberg Weiss Bershad
& Schulman LLP (http://www.milbergweiss.com) is a firm with
over 100 lawyers with offices in New York City, Los Angeles, Boca
Raton, Delaware, Seattle and Washington, D.C. and is active in
major litigations pending in federal and state courts throughout
the United States. Milberg Weiss has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
others for nearly 40 years. Please contact the Milberg Weiss
website for more information about the firm. If you wish to discuss
this action with us, or have any questions concerning this notice
or your rights and interests with regard to the case, please
contact the following attorneys: -0- *T Steven G. Schulman Peter E.
Seidman Andrei V. Rado One Pennsylvania Plaza, 49th fl. New York,
NY, 10119-0165 Phone number: (800) 320-5081 Email:
sfeerick@milbergweiss.com Website: http://www.milbergweiss.com *T
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