EnergySolutions Inc (NYSE: ES) Investor Securities Class Action Lawsuit 10/09/2009

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Company Name(s): 
EnergySolutions
Case Name: 
EnergySolutions Shareholder Class Action Lawsuit 10/9/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
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
Date Settled: 
03/14/2013
Settlement Amount: 
$26,000,000
Deadline to Participate in Settlement: 
03/14/2013
Summary: 

March 14, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

December 3, 2012 - The court preliminarily approved the settlement.

November 19, 2012 - Parties filed a stipulation of settlement.

September 30, 2011 - The court in part denied and in part granted the defendants motion to dismiss.

February 7, 2011 - The joint motion to dismiss the Consolidated Amended Complaint was mooted by the stipulation and order.

September 20, 2010 - Stipulation and order filed.

September 17, 2010 - Defendants filed a joint motion to dismiss.

August 4, 2010 - The plaintiff filed second amended consolidated complaint.

June 18, 2010 - Defendants filed a joint motion to dismiss.

April 20, 2010 - The plaintiff filed an amended consolidated complaint.

February 19, 2010 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 8, 2009 - Lead plaintiff motions were filed.

October 9, 2009 - An investor in shares of EnergySolutions Inc (NYSE: ES) filed a lawsuit in the U.S. District Court for the Southern District of New York against EnergySolutions Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 14, 2007 and October 14, 2008 and traceable to the its initial public offering on or about November 14, 2007 and its offering of securities on or about July 24, 2008.

According to the complaint the plaintiff alleges that EnergySolutions Inc, certain directors and officers of EnergySolutions Inc, 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 Inc 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 Inc issued a press release and announced, among other things, that ES was reducing its estimates for net income, that the financial crisis would delay EnergySolutions Incs' 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 ES 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.

EnergySolutions Inc, 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 Inc had $1.09261 billion in total revenue in 2007 and $1.79163 billion in total revenue in 2008. Shares of EnergySolutions Inc traded recently at $8.94 per share, down from a 52 week high at $10.93 per share, and $27 per share in 2008.