| Company: | Royal Dutch Petroleum Company |
| Ticker Symbol: | NYSE: RD |
| Class Period: | December 3, 1999 to January 9, 2004 |
| Court: | District, NJ |
| Date Filed: | Jan-28-04 |
| Lead Plaintiff Deadline: | Mar-26-04 |
| Allegations: |
A lawsuit has been filed in the United States District Court for the District of New Jersey, on behalf of persons who purchased or otherwise acquired publicly traded securities of Royal Dutch Petroleum Company and The Shell Transport and Trading Company, PLC ("Royal Dutch" or the "Company") (NYSE:RD) between December 3, 1999 and January 9, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Royal Dutch and Shell Transport, Shell Petroleum N.V., The Shell Petroleum Ltd., Maarten van der Bergh, Judy Boynton, Malcom Brinded, S.L. Miller, Harry J.M. Roels, Paul D. Skinner, M. Moody-Stuart, Jeroen van der Veer and Philip R. Watts.
The complaint alleges that Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants deliberately violated accounting rules and guidelines relating to oil and gas reserves that resulted in a 20% overstatement of oil and gas reserves, the eventual disclosure of damaged purchasers of the security. More specifically, Royal Dutch had classified and reported in SEC filings and other documents, certain reserves as "proved reserves" from the Gorgon joint venture and various projects in Nigeria. In fact, unknown to investors, the reserves did not meet industry and SEC requirements necessary to be classified as "proved", thereby materially inflating a key measure of the companies' financial position.
On January 9, 2004, Royal Dutch announced that it was going to write-down its proved oil and gas reserves by 20% or 3.9 billion barrels. Following the announcement, Royal Dutch ADR's fell approximately 7.9% from $52.76 to $48.61.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants deliberately violated accounting rules and guidelines relating to oil and gas reserves that resulted in a 20% overstatement of oil and gas reserves, the eventual disclosure of damaged purchasers of the security. More specifically, Royal Dutch had classified and reported in SEC filings and other documents, certain reserves as "proved reserves" from the Gorgon joint venture and various projects in Nigeria. In fact, unknown to investors, the reserves did not meet industry and SEC requirements necessary to be classified as "proved", thereby materially inflating a key measure of the companies' financial position.
On January 9, 2004, Royal Dutch announced that it was going to write-down its proved oil and gas reserves by 20% or 3.9 billion barrels. Following the announcement, Royal Dutch ADR's fell approximately 7.9% from $52.76 to $48.61.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
