The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that 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 purchasers of the American Depositary Shares of Veolia Environnement S.A. between April 27, 2007 and August 4, 2011, inclusive.
The Complaint charges Veolia and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (ii) Veolia lacked adequate internal controls; and (iii) Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the U.S., and for Southern Europe.
On August 4, 2011, Veolia announced its half year results, for the period ended June 30, 2011. The Company reported consolidated revenue of EUR 16,286.7 million and operating income of EUR 252.2 million, compared to EUR 1100.7 million in the prior year period, due to "non-recurring write-downs amounting to EUR 686M." Veolia stated that it would exit certain businesses and certain geographies, including its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the U.S. and in Southern Europe. On this news, Veolia ADSs fell $4.66 per share.
If you are a member of the class, you may, no later than February 27, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/veolia
