Stull, Stull & Brody Announces Class Action against Corn Products International Inc.
June 02 2005 - 6:08PM
Business Wire
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the Northern District of Illinois
on behalf of all persons who purchased the securities of Corn
Products International Inc. ("CornProducts" or the "Company")
(NYSE:CPO) between January 25, 2005, and April 4, 2005, inclusive
(the "Class Period"). The complaint charges that Corn Products,
Samuel Scott and Cheryl Beebe with violations of the Securities
Exchange Act of 1934. More specifically, the Complaint alleges that
the Company failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company was experiencing
manufacturing problems at some of its facilities, which resulted in
increased manufacturing expenses; (2) that the Company's net corn
costs were significantly higher due to the Company's speculative
hedging of Canadian corn; (3) that US sweetener price increase,
contrary to the Company's representations, failed to offset higher
energy costs; and (4) that as a result of the foregoing, defendants
lacked any reasonable basis for their positive statements
concerning the Company and its earnings and prospects. On April 5,
2005, Corn Products said that it expected first-quarter diluted
earnings per share to decline 35 percent to 40 percent from the
first quarter of 2040. News of this shocked the market. Shares of
Corn Products fell $4.88 per share or 18.87 percent, on April 5,
2005, to close at $20.98 per share. If you purchased Corn Products
securities during the Class Period, you may request that the Court
appoint you as lead plaintiff by July 19, 2005. 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 Stull, Stull & Brody, or other
counsel of your choice, to serve as your counsel in this action.
Stull, Stull & Brody has litigated many class actions for
violations of securities laws in federal courts over the past 30
years and has obtained court approval of substantial settlements on
numerous occasions. Stull, Stull & Brody maintains offices in
both New York and Los Angeles. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests with respect to these matters, please contact Tzivia
Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com,
or by calling toll-free 1-800-337-4983, or by fax at 212/490-2022,
or by writing to Stull, Stull & Brody, 6 East 45th Street, New
York, NY 10017. You can also visit our website at www.ssbny.com.
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