| Company: | Gexa Corp. |
| Ticker Symbol: | NASD: GEXA |
| Class Period: | August 14, 2003 to March 30, 2004 |
| Date Filed: | Aug-19-04 |
| Lead Plaintiff Deadline: | Oct-04-04 |
| Court: | Southern District, TX |
| Allegations: |
A complaint complaint has been filed in the Southern District of Texas against Gexa Corp. ("Gexa" or the "Company") (Nasdaq:GEXA) for alleged acts in violation of U.S. securities fraud laws.
The complaint alleges that, from August 14, 2003 through March 30, 2004 (the "Class Period"), Gexa, a Texas retail electricity provider, Neil Liebman (CEO), Marcie Zlotnik (Director) and Sarah Veach (Chief Accounting Officer) violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
The complaint alleges that throughout the Class Period, defendants materially overstated Gexa's financial results in connection with its power delivery business. On March 30, 2004, after the market closed, the Company issued a press release which admitted that its previously reported revenues had been overstated estimates, not measurable earned revenues based upon power delivered to customers or proceeds from energy sales as previously reported. Defendants also revealed that in connection with the completion of the audit for fiscal year 2003, the Company's independent auditors identified certain material weaknesses in the Company's systems of internal controls.
Based upon this press release, the price of the Company's stock dropped more than 25% falling from a closing price of $6.64 per share on March 30, 2004 to a closing price of $4.90 per share on March 31, 2004.
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, from August 14, 2003 through March 30, 2004 (the "Class Period"), Gexa, a Texas retail electricity provider, Neil Liebman (CEO), Marcie Zlotnik (Director) and Sarah Veach (Chief Accounting Officer) violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
The complaint alleges that throughout the Class Period, defendants materially overstated Gexa's financial results in connection with its power delivery business. On March 30, 2004, after the market closed, the Company issued a press release which admitted that its previously reported revenues had been overstated estimates, not measurable earned revenues based upon power delivered to customers or proceeds from energy sales as previously reported. Defendants also revealed that in connection with the completion of the audit for fiscal year 2003, the Company's independent auditors identified certain material weaknesses in the Company's systems of internal controls.
Based upon this press release, the price of the Company's stock dropped more than 25% falling from a closing price of $6.64 per share on March 30, 2004 to a closing price of $4.90 per share on March 31, 2004.
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.
