| Company: | TECO Energy, Inc. |
| Ticker Symbol: | NYSE: TE |
| Class Period: | October 30, 2001 to February 4, 2003 |
| Date Filed: | Aug-30-04 |
| Lead Plaintiff Deadline: | Oct-25-04 |
| Court: | Middle District, FL |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the Middle District of Florida on behalf of all securities purchasers of TECO Energy, Inc. (NYSE: TE "TECO" or the "Company") from October 30, 2001 through February 4, 2003 inclusive (the "Class Period").
The complaint charges TECO, Robert D. Fagan, and Gordon L. Gillette with violations of sections 10(b)5 and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. TECO is a holding company for regulated utilities and other unregulated businesses. It owns no operating assets but holds all of the common stock of Tampa Electric Company and directly, or through its subsidiary TECO Diversified, Inc., other subsidiaries. Tampa Electric Company, the Company's principal subsidiary, through its Tampa Electric division, provides retail electric service to more than 612,000 customers in West Central Florida with a net system generating capability of 3,256 megawatts. Other subsidiaries of the Company include TECO Transport Corporation, TECO Coal Corporation, TECO Wholesale Generation, Inc. and other unregulated companies. According to the complaint, the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that TECO's debt levels had risen significantly; (2) that the Company concealed the scale of its exposure to Enron's bankruptcy; (3) that Panda Energy International was in dire financial straits, which eventually caused Panda to shift its debt and liabilities to TECO; (4) that dividends were at risk of being cut; and (5) that the Company was mismanaging the use of its power capacity coming online upon completion of its power plants.
On February 4, 2003, Moody's downgraded Panda Funding Corporation to B1 from Ba3. Moody's cited lower-than-expected dividend distributions from Panda's other power plants. Moody's further stated that such dividends were Panda Funding's only source of cash to pay back debt to TECO. News of this shocked the market. Shares of TECO fell $1.79 per share or 13 percent, between February 3 and 5, 2003, to close at $12.40 per share, on February 5, 2003.
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 charges TECO, Robert D. Fagan, and Gordon L. Gillette with violations of sections 10(b)5 and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. TECO is a holding company for regulated utilities and other unregulated businesses. It owns no operating assets but holds all of the common stock of Tampa Electric Company and directly, or through its subsidiary TECO Diversified, Inc., other subsidiaries. Tampa Electric Company, the Company's principal subsidiary, through its Tampa Electric division, provides retail electric service to more than 612,000 customers in West Central Florida with a net system generating capability of 3,256 megawatts. Other subsidiaries of the Company include TECO Transport Corporation, TECO Coal Corporation, TECO Wholesale Generation, Inc. and other unregulated companies. According to the complaint, the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that TECO's debt levels had risen significantly; (2) that the Company concealed the scale of its exposure to Enron's bankruptcy; (3) that Panda Energy International was in dire financial straits, which eventually caused Panda to shift its debt and liabilities to TECO; (4) that dividends were at risk of being cut; and (5) that the Company was mismanaging the use of its power capacity coming online upon completion of its power plants.
On February 4, 2003, Moody's downgraded Panda Funding Corporation to B1 from Ba3. Moody's cited lower-than-expected dividend distributions from Panda's other power plants. Moody's further stated that such dividends were Panda Funding's only source of cash to pay back debt to TECO. News of this shocked the market. Shares of TECO fell $1.79 per share or 13 percent, between February 3 and 5, 2003, to close at $12.40 per share, on February 5, 2003.
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.
