| Company: | Royal Group Technologies Ltd. |
| Ticker Symbol: | NYSE: RYG |
| Class Period: | February 24, 2000 to October 18, 2004 |
| Date Filed: | Jan-30-06 |
| Lead Plaintiff Deadline: | Mar-28-06 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all United States citizens and entities that purchased or otherwise acquired the common stock of Royal Group Technologies Limited ("Royal Group" or "the Company") (RYG: NYSE; TSE) on the New York Stock Exchange ("NYSE") or the Toronto Stock Exchange ("TSE"); and (ii) all foreign persons and entities that purchased or otherwise acquired the common stock of Royal Group on the NYSE during the period between February 24, 2000 and October 18, 2004, inclusive (the "Class Period").
The complaint charges Royal Group and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Royal Group is a vertically integrated manufacturer of polymer-based home improvement, consumer and construction products. Royal Group's operations are located primarily in Canada and the United States, with international locations in Mexico, South America, Europe and Asia.
The complaint alleges that during the Class Period, defendants caused Royal Group's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. The statements were materially false and misleading because defendants knew, but failed to disclose, that Company officers and directors systematically treated the Company like their personal piggy bank - routinely causing the Company to engage in financial transactions either with themselves or with companies under their control. As detailed in the Complaint, the course of self-dealing conduct that transpired at Royal Group was pervasive and substantial. Royal Group's executives ran the Company as their personal fiefdom and were not held accountable by Royal Group's Board of Directors for the wrongful conduct.
On October 15, 2004, the Company announced that Company officers and directors were the subject of a Royal Canadian Mountain Police ("RCMP") criminal investigation in connection with their engaging in self-dealing transactions with Royal Group. Then, on October 18, 2004 (after the close of trading), the Company announced that the Company itself was being criminally investigated by the RCMP in connection with the self-dealing transactions.
As a result of the revelations of the substantial self-dealing transactions by Defendants, the price of Royal Group's stock dropped precipitously, falling from $8.97 per share on October 13, 2004 to $7.15 per share on October 19, 2004, a decline of $1.82 per share, or more than 20%.
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.
At LawyersandSettlements.com, it is our goal to keep you informed about important legal cases and settlements. We are dedicated to helping you resolve your legal complaints.
The complaint charges Royal Group and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Royal Group is a vertically integrated manufacturer of polymer-based home improvement, consumer and construction products. Royal Group's operations are located primarily in Canada and the United States, with international locations in Mexico, South America, Europe and Asia.
The complaint alleges that during the Class Period, defendants caused Royal Group's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. The statements were materially false and misleading because defendants knew, but failed to disclose, that Company officers and directors systematically treated the Company like their personal piggy bank - routinely causing the Company to engage in financial transactions either with themselves or with companies under their control. As detailed in the Complaint, the course of self-dealing conduct that transpired at Royal Group was pervasive and substantial. Royal Group's executives ran the Company as their personal fiefdom and were not held accountable by Royal Group's Board of Directors for the wrongful conduct.
On October 15, 2004, the Company announced that Company officers and directors were the subject of a Royal Canadian Mountain Police ("RCMP") criminal investigation in connection with their engaging in self-dealing transactions with Royal Group. Then, on October 18, 2004 (after the close of trading), the Company announced that the Company itself was being criminally investigated by the RCMP in connection with the self-dealing transactions.
As a result of the revelations of the substantial self-dealing transactions by Defendants, the price of Royal Group's stock dropped precipitously, falling from $8.97 per share on October 13, 2004 to $7.15 per share on October 19, 2004, a decline of $1.82 per share, or more than 20%.
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.
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