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April 4, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of
New York, case no. 12 Civ. 2307, on behalf of all persons who purchased Dynegy Inc. ("Dynegy" or the "Company") (NYSE: DYN) common stock between
September 2, 2011 and
March 9, 2012 inclusive (the "Class Period").
The Company, Dynegy's Chief Executive Officer
Robert Flexon, Dynegy's Chief Financial Officer
Clint Freeland and
Carl C. Icahn are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that Dynegy's wholly-owned subsidiary fraudulently transferred direct ownership in one of Dynegy's indirectly owned subsidiaries directly to Dynegy.
March 9, 2012, a bankruptcy examiner disclosed that Dynegy improperly acquired direct ownership of the indirectly owned subsidiary through a fraudulent transfer. This news caused Dynegy stock to drop approximately 35% by the close of the business day. Then, on
April 4, 2012, Dynegy announced that it had resolved the Company's disputes with major creditors. On this news, Company stock plummeted by over 25%, closing at
$0.39 per share.
If you purchased Dynegy stock between
September 2, 2011 and
March 9, 2012, you may, not later than
May 29, 2012, move the court to serve as lead plaintiff of the class.
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