| Company: | Yukos Oil Company |
| Ticker Symbol: | OTC: YUKOF; YUKOY |
| Class Period: | February 13, 2003 to October 25, 2003 |
| Date Filed: | Jul-10-04 |
| Lead Plaintiff Deadline: | Sep-04-04 |
| Court: | Southern District, NY |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of Yukos Oil Company (OTC: YUKOF; YUKOY) (Russia: YUKO) ("Yukos") between February 13, 2003 and October 25, 2003 inclusive, (the "Class Period"). Also included are all those who acquired Yukos' shares through its acquisitions of Sibneft, Geoilbent, and Vostochnaya.
The Complaint alleges that Yukos, a vertically-integrated oil company, issued materially false statements. Specifically, defendants created a complex network of shell companies to evade taxes on the production, refining and sale of oil and oil products. These shell companies were registered in territories with preferential tax treatment in order to receive special tax exemptions and minimize tax liability. Since these shell companies were not separate legal entities, Yukos was required to recognize the full amount of the receipts associated with these transactions for its own tax purposes and was not entitled to the preferential tax treatment these shell companies were granted. Accordingly, Yukos' tax liability was materially understated and its earnings were materially overstated. In October 2003, it was revealed that Russian authorities had arrested Yukos' CEO, on fraud, embezzlement and tax evasion charges. Authorities also announced that they would pursue criminal prosecutions against other senior Yukos officials. Ultimately, Yukos will be required to pay approximately $3.3 billion for 2000 alone due to its understatement of tax liability. The Tax Ministry intends to audit Yukos for 2001-2003 based upon the same charges. Yukos could ultimately be expected to pay upwards of $10 billion to the Tax Ministry for this illegal tax evasion scheme.
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 Yukos, a vertically-integrated oil company, issued materially false statements. Specifically, defendants created a complex network of shell companies to evade taxes on the production, refining and sale of oil and oil products. These shell companies were registered in territories with preferential tax treatment in order to receive special tax exemptions and minimize tax liability. Since these shell companies were not separate legal entities, Yukos was required to recognize the full amount of the receipts associated with these transactions for its own tax purposes and was not entitled to the preferential tax treatment these shell companies were granted. Accordingly, Yukos' tax liability was materially understated and its earnings were materially overstated. In October 2003, it was revealed that Russian authorities had arrested Yukos' CEO, on fraud, embezzlement and tax evasion charges. Authorities also announced that they would pursue criminal prosecutions against other senior Yukos officials. Ultimately, Yukos will be required to pay approximately $3.3 billion for 2000 alone due to its understatement of tax liability. The Tax Ministry intends to audit Yukos for 2001-2003 based upon the same charges. Yukos could ultimately be expected to pay upwards of $10 billion to the Tax Ministry for this illegal tax evasion scheme.
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.
