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Gold/Mining/Energy : Mirant Corporation (MIR) -- Ignore unavailable to you. Want to Upgrade?

To: KyrosL who wrote (603)	7/8/2002 2:51:44 PM
From: Softechie	Respond to of 903

Mirant accused of price manipulation By Lisa Sanders, CBS.MarketWatch.com Last Update: 2:44 PM ET July 8, 2002 ATLANTA (CBS.MW) -- A New York law firm alleged Monday that energy generator Mirant conspired to boost power prices in California during the state's energy crisis last year and that the company has recorded misleading financial results. Shares of Mirant (MIR: news, chart, profile) lost 34 cents, or 6 percent, to trade at $5.42 in recent trading following the filing of the suit by Pomerantz Haudek Block Grossman & Gross. The stock is off 86 percent from its 52-week high of $39.59 set July 10, 2001. The suit claims that between Jan. 19, 2001 and May 6, 2002, the company helped manipulate the supply and, as a result, the price of power in California. The alleged ruse led to "record" quarterly results, which the law firm charges, are misleading as relates to the health of Mirant's business. "The company's financial results were artificially inflated through the use of fraudulent activities...or selling reserves already owed to California to other purchasers," according to the lawsuit. Officials with Atlanta-based Mirant weren't immediately available for comment. is the firm that filed the lawsuit. Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com.