Achieving Corporate Governance Enhancements Through Litigation
enronfraud.com
This is a keynote address by William Lerach...I see his firm is hot on the trail of the former Enron Execs...they have set up a special website too...
enronfraud.com
The ENRON Lawsuit
<<...On April 8, 2002, Milberg Weiss filed a consolidated class action lawsuit against Enron Corp. in the U.S. District Court in Houston. On behalf of its clients, Milberg Weiss is seeking relief for purchasers of Enron publicly traded equity and debt securities between October 19, 1998 and November 27, 2001. The consolidated complaint charges certain Enron executives and directors, its accountants, law firms, and banks with violations of the federal securities laws and alleges that defendants engaged in massive insider trading while making false and misleading statements about Enron's financial performance. These false statements caused Enron's stock to trade as high as $90.75. Defendants sold more than 20 million shares of Enron stock for approximately $1.19 billion.
In late 2001, Enron revealed it would incur losses of at least $1 billion and would restate its financial results for 1997, 1998, 1999, 2000, and the first two quarters of 2001, to correct errors that inflated Enron's net income by $591 million. The impact of this restatement was enormous as Enron's stock dropped 91%. Soon after, the attempted acquisition of Enron by Dynegy Inc. fell through, Enron's debt was downgraded to junk bond status and its stock dropped to just $0.26 per share. On December 2, 2001, Enron filed for Chapter 11.
Working on behalf of its clients, Milberg Weiss has demonstrated an unparalleled commitment to the investigation, development and prosecution of this case. The firm brings to this action a securities litigation team which consists of more than two dozen attorneys, investigators, forensic accountants, analysts and corporate governance and accounting experts.
Milberg Weiss moved swiftly to freeze over $1.1 billion in insider trading proceeds. The firm interviewed more than 100 witnesses with knowledge concerning the numerous organizations within Enron including over 3,000 related entities and partnerships. Milberg Weiss sought expedited discovery from both Enron and Enron's auditors, Andersen. Just 24 hours after Andersen revealed it destroyed an untold number of relevant documents related to Enron; the firm went back to court seeking to preserve all evidence. Milberg Weiss' factual investigation also uncovered Enron's recent and extensive document destruction at its Houston headquarters...>>
*** Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm. |
