| Company: | Laidlaw Environmental Services, Inc. |
| Class Period: | May 1, 1998 to March 6, 2000 |
| Date Filed: | Mar-21-05 |
| Lead Plaintiff Deadline: | May-18-05 |
| Court: | District, SC |
| Allegations: |
A securities fraud class action lawsuit has been filed in the United States District Court for the District of South Carolina, on behalf of OCM High Yield Trust, OCM High Yield Limited Partnership and OCM High Yield Fund II, L.P. (the "OCM Funds"), as well all other funds and accounts which are managed by Oaktree Capital Management, LLC ("Oaktree"). These funds purchased or acquired 91/4 % senior notes due in 2008 (the "Bonds" or the "2008 Bonds") issued by Laidlaw Environmental Services, Inc., the predecessor to Safety-Kleen Corp. ("Safety- Kleen") (collectively, the "Company"), in the initial offering and/or on the secondary market from May 1, 1998 through March 6, 2000 (the "Class Period") (the "Oaktree Class").
This complaint is related to a current class action entitled In re Safety- Kleen Bondholders Litigation, Consol. Case No. 3-00-1145, pending in the United States District Court for the District of South Carolina. The class in that action is certified with respect to claims under the Securities Act of 1933 but has been decertified with respect to claims under the Securities Exchange Act of 1934 (the "Exchange Act"). The OCM Funds seeks to recover damages under the Exchange Act on behalf of themselves and other funds and accounts managed by Oaktree.
The Complaint alleges that on March 6, 2000, Safety-Kleen announced that it had uncovered material "accounting irregularities" in its financial reports, leading it to place its three top executives on leave while a Special Committee appointed by Safety-Kleen's Board of Directors conducted an internal investigation. The value of the Bonds plunged dramatically in response to this announcement. At the conclusion of the investigation, the Company issued restated financial statements for the years ended August 31, 1997, 1998 and 1999 which collectively reduced the company's net income by more than $530 million.
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.
This complaint is related to a current class action entitled In re Safety- Kleen Bondholders Litigation, Consol. Case No. 3-00-1145, pending in the United States District Court for the District of South Carolina. The class in that action is certified with respect to claims under the Securities Act of 1933 but has been decertified with respect to claims under the Securities Exchange Act of 1934 (the "Exchange Act"). The OCM Funds seeks to recover damages under the Exchange Act on behalf of themselves and other funds and accounts managed by Oaktree.
The Complaint alleges that on March 6, 2000, Safety-Kleen announced that it had uncovered material "accounting irregularities" in its financial reports, leading it to place its three top executives on leave while a Special Committee appointed by Safety-Kleen's Board of Directors conducted an internal investigation. The value of the Bonds plunged dramatically in response to this announcement. At the conclusion of the investigation, the Company issued restated financial statements for the years ended August 31, 1997, 1998 and 1999 which collectively reduced the company's net income by more than $530 million.
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 you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
