Tronox Incorporated (NYSE: TRX) (OTC: TRXAQ) (OTC: TRXBQ) Investor Securities Class Action Lawsuit 07/10/2009

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Company Name(s): 
Tronox Incorporated
Case Name: 
Tronox Incorporated Shareholder Class Action Lawsuit 07/10/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

September 20, 2013 - The court ordered the authorization of the distribution of the net settlement fund.

November 26, 2012 - 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.

August 10, 2012 - The court preliminarily approved the settlement.

August 3, 2012 - Parties filed a stipulation of settlement.

January 7, 2011 - The court denied the defendant's motion to dismiss.

August 27, 2010 - A defendant filed a motion to dismiss

July 30, 2010 - The lead plaintiffs filed an amended consolidated complaint.

June 28, 2010 - The court granted in part and denied in part the defendants' motions to dismiss with leave to file an amended complaint.

February 8, 2010 - Another defendant filed an additional motion to dismiss.

January 18, 2010 - Another defendant filed a motion to dismiss.

January 11, 2010 - Two defendants filed a motion to dismiss.

November 24, 2009 - The lead plaintiffs filed a consolidated complaint on behalf of investors who purchased Tronox Inc (OTC: TRXAQ), (OTC: TRXBQ) or (NYSE: TRX) common shares between November 21, 2005 and January 12, 2009. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 21, 2005 and January 12, 2009.

October 13, 2009 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

September 8, 2009 - Lead plaintiff motions were filed.

August 10, 2009 - Another investor filed an additional complaint.

July 21, 2009 - Another investor filed a complaint.

July 10, 2009 - An investor in shares of Tronox Inc (NYSE: TRX was traded on the OTC sheets as OTC: TRXAQ and OTC: TRXBQ as of September 2008 and on January 14, 2009 Tronox Inc filed Chapter 11 bankruptcy) filed a lawsuit in the U.S. District Court for the Southern District of New York against Tronox Inc over alleged violations of Federal Securities Laws between November 28, 2005 and January 12, 2009.

According to the complaint the plaintiff alleges the defendants’ executives violated the Exchange Act by failing to disclose November 28, 2005 and January 12, 2009 material adverse facts about Tronox Inc’s true financial condition, business and prospects. Due to the bankruptcy filing, Tronox Inc is not named as defendants in the lawsuit. Tronox Inc was spun-off from Kerr-McGee Corporation in a two-step transaction.

In November 2005, Kerr-McGee Corporation sold 17.5 million shares of Tronox Inc Class A shares in an initial public offering for $14.00 per share generating proceeds for Kerr-McGee Corporation of $225 million. After the IPO, Kerr-McGee Corporation continued to hold 56.7% of Tronox Inc’s outstanding common stock. In March 2006, Kerr-McGee Corporation distributed the balance of the shares that it owned as Class B shares to its shareholders as a dividend (the “Spin-Off”). According to the putative securities class action Kerr-McGee Corporation dumped hundreds of millions of dollars of environmental and tort liabilities on former subsidiary Tronox Inc and concealed the scope of those liabilities before spinning off the now-bankrupt Tronox Inc. When the market learned of the true facts about Tronox Inc, the price of Tronox Inc (NYSE: TRX) stock declined precipitously, so the lawsuit.

Tronox Inc (NYSE: TRX), located in Oklahoma City, OK, is a global producer and marketer of titanium dioxide pigment (TiO2), a white pigment used in a range of products. Tronox Inc markets TiO2 under the brand name TRONOX. Tronox Inc reported in 2006 Total Revenue of $1.4218 billion and in 2007 a Total Revenue of $1.4263 billion. TRXBQ shares traded recently at $0.075 per share, down from a 52 week High of $9.49 per share. TRXAQ shares traded recently at $0.13 per share, down from a 52 week High of $9.75 per share. On January 14, 2009 Tronox Inc filed Chapter 11 bankruptcy. Tronox Inc emerged from Chapter 11 Bankruptcy on February 14, 2011. In June 2012 Tronox Inc acquired Exxaro Mineral Sands and became known as Tronox Limited (NYSE: TROX).