Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Century Aluminum Company ("Century Aluminum" or the "Company") (NASDAQ:CENX). Century Aluminum offers molten aluminum and other primary aluminum products. The Company was founded in 1981 and is headquartered in Monterey, California.
Robbins Umeda LLP's investigation concerns whether the Company's directors and officers materially misrepresented the Company's financial performance. Specifically, the investigation concerns whether these officers and directors incorrectly reported cash flows associated with the termination of forward financial sales contracts as a financing activity.
On March 2, 2009, the Company filed a Form 8-K with the U.S. Securities and Exchange Commission, which stated, "[o]n February 27, 2009, Century Aluminum Company … determined that our previously issued financial statements for the nine months ended September 30, 2008 included in our periodic report on Form 10-Q for that period should no longer be relied upon as a result of an error in the interim consolidated statement of cash flows." As a result of this disclosure, Century Aluminum's stock price dropped from $2.22 on February 27, 2009 to $1.68 the next trading day.
A lawsuit alleging violations of the Securities Acts of 1933 and the Securities Exchange Act of 1934 has been filed on behalf of shareholders who purchased or otherwise acquired Century Aluminum stock between April 24, 2008 and March 2, 2009 against the Company and certain of its officers. Securities class actions like this can potentially cause additional damage to the Company.If you purchased your Century stock prior to April 24, 2008, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at firstname.lastname@example.org. Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement