January 1 2003
| Company: |
Tengasco, Inc. |
| Ticker Symbol: |
AMEX: TGC |
| Class Period: |
August 1, 2001 to April 23, 2002 |
| Court: |
Eastern District, TN |
| Date Filed: |
Nov-25-02 |
| Case No.: |
3-02-CV-644 |
| Allegations: |
|
The complaint alleges that Tengasco and its Chief Executive Officer violated the Securities Exchange Act of 1934 by making materially false and misleading statements concerning hydrocarbon production, drilling success and prospects of Tengasco's Swan Creek Field and also made materially false and misleading statements concerning Tengasco's earnings potential during the Class Period. The defendants were motivated to make such false and materially misleading statements in order to secure a multi-million dollar loan from Bank One; certain of the proceeds of which were used to pay off loans made by Tengasco insiders. The complaint alleges that as a result of these false and misleading statements, the price of Tengasco's shares were artificially inflated throughout the Class Period causing plaintiff and the Class to suffer damages.
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