EnergySolutions, Inc. Investor Files Lawsuit Against EnergySolutions Inc.

If you purchased common stock of EnergySolutions, Inc. (NYSE:ES) in or traceable to the its initial public offering on or about November 14, 2007 and/or its offering of securities on or about July 24, 2008, as well as EnergySolutions, Inc. (Public, NYSE:ES) common stock between November 14, 2007 and October 14, 2008, you have certain options and there are strict and short deadlines running. Deadline: December 08, 2009. Those ES investors should contact the Shareholders Foundation.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
EnergySolutions
Case Name: 
EnergySolutions Class Action Lawsuit 10/9/2009
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ES
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/09/2009
Class Period Begin: 
11/14/2007
Class Period End: 
10/14/2008
Court of Filing: 
United States District Court for the Southern Distrcit of New York
Deadline To File for Lead: 
12/08/2009
Summary: 

An investor in EnergySolutions, Inc. (Public, NYSE:ES) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of EnergySolutions, Inc. (NYSE:ES) in or traceable to the its initial public offering on or about November 14, 2007 and its offering of securities on or about July 24, 2008, as well as purchasers of EnergySolutions, Inc. (Public, NYSE:ES) common stock between November 14, 2007 and October 14, 2008, against EnergySolutions, Inc (ES).

According to the complaint the plaintiff alleges that EnergySolutions, certain directors and officers of EnergySolutions, ENV Holdings, LLC (“ENV Holdings”) and the main underwriters for the Offerings, violated the Securities Act and the Exchange Act because between November 14, 2007 and October 14, 2008 and in the offering documents for the Offerings, defendants made numerous positive statements regarding EnergySolutions financial condition, business and prospects and that these statements were inaccurate statements of material fact when made because defendants failed to disclose the adverse facts. The plaintiff alleges violations under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Then on October 14, 2008, EnergySolutions issued a press release and announced, among other things, that EnergySolutions was reducing its estimates for net income, that the financial crisis would delay EnergySolutions’ ability to accelerate the decommissioning of nuclear power plant assets, and that the NRC denied the Petition for rulemaking change. Following this announcement, the price of EnergySolutions’ stock collapsed from $10.14 per share on October 13, 2008 to close at $5.64 per share on October 14, 2008 – a one day decline of $4.50 per share or 44% – on extremely heavy volume of 9.4 million shares.

Energy Solutions, located in Salt Lake City, UT, is a provider of specialized, technology-based nuclear services to government and commercial customers. Its range of nuclear services includes engineering, in-plant support services, spent nuclear fuel management, decontamination and decommissioning (D&D), operation of nuclear reactors, logistics, transportation, processing and disposal. Energy Solutions had $1.09261billion in total revenue in 2007 and $1.79163billion in total revenue in 2008. Shares of EnergySolutions, Inc. (NYSE:ES) traded recently at $8.94 per share, down from a 52weekHigh at $10.93 per share, and $27 per share in 2008.