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Natural gas

Class Action Lawsuit Filed Against Triton Energy Limited

Strategic Insights

— 1 min read

On July 22, 1998, a class action lawsuit was filed against Triton Energy Limited, alleging that the company and certain officers and directors issued a series of materially false and misleading statements about the company's properties, operations, and prospective value. This artificially inflated the price of Triton common stock during the class period, which spanned from March 30, 1998, to July 17, 1998. The lawsuit seeks to recover damages on behalf of all persons who purchased or acquired Triton common stock during this time period.

Key Takeaways:

  • The class action lawsuit was filed in the United States District Court for the Eastern District of Texas, Texarkana Division, on July 22, 1998, under Civil Action No. 598CV263.
  • The lawsuit charges Triton and certain officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
  • The complaint alleges that defendants issued a series of false and misleading statements concerning Triton, its properties, operations, and prospective value.
  • The price of Triton common stock was artificially inflated during the class period, which spanned from March 30, 1998, to July 17, 1998.
  • Plaintiffs seek to recover damages on behalf of class members and are represented by Milberg Weiss Bershad Hynes & Lerach LLP, Wohl & Entwistle LLP, and Law Offices of Young & Pickett.
  • Milberg Weiss has a significant track record in litigating on behalf of defrauded investors, with recoveries totaling approximately $2 billion.

Statistics:

  • The class period spanned from March 30, 1998, to July 17, 1998, inclusive.
  • The lawsuit was filed in the United States District Court for the Eastern District of Texas, Texarkana Division, on July 22, 1998.
  • Triton common stock was allegedly artificially inflated during the class period.
  • Plaintiffs seek to recover damages on behalf of class members.
  • Milberg Weiss has recoveries totaling approximately $2 billion.

Sources:

  • Source: Business Wire, July 22, 1998.

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