| Company: | Alstom S.A. |
| Ticker Symbol: | NYSE: ALS |
| Class Period: | May 7, 2002 to June 30, 2003 |
| Court: | Western District, NY |
| Date Filed: | Sep-02-03 |
| Lead Plaintiff Deadline: | Oct-28-03 |
| Allegations: |
The Complaint names as defendants Alstom SA, Pierre Bilger, Francois Newey, Stephan Rambaud-Measson, Joe Janovec and Patrick Kron. 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, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Alstom securities.
The Complaint alleges that defendants issued a series of materially false and misleading press releases, public statements and filings with the Securities and Exchange Commission ("SEC") starting on May 7, 2002 and continuing to June 30, 2003 concerning the Company's financial condition. In particular, the Complaint alleges that Alstom Transportation Inc., the Company's United States subsidiary, had:
(i) materially understated losses;
(ii) failed to recognize costs when incurred in anticipation of shifting the costs to other more profitable contracts; and
(iii) understated forecast costs to completion.
On June 30, 2003, Alstom reported that the SEC and the FBI had initiated investigations into accounting improprieties at Alstom Transportation Inc. On August 12, 2003, Alstom announced that the SEC had opened a formal investigation into Alstom Transportation Inc. The Company further reported that it has uncovered "accounting improprieties" at Alstom Transportation and as a result would be taking a $58.2 million charge for the year ending March 31, 2004. Alstom also announced the suspension of Stephan Rambaud-Measson and Joe Janovec pending the completion of the investigation. On this news the Company's securities fell to $2.51 from a class period high of $12.65.
If you acquired the securities of Alstom S.A. during the Class Period you may, no later than October 28, 2003, 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.
