NEW YORK, May 16, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Dynegy Inc. ("Dynegy" or the "Company") (NYSE: DYN) stock between September 2, 2011 and March 9, 2012 (the "Class Period").
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The complaint alleges that defendants made materially false and misleading statements and failed to disclose materially adverse information about the Company's business and operations. In particular, the complaint alleges that the Company 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 to the Company.On March 9, 2012, a bankruptcy-court examiner disclosed that Dynegy improperly acquired direct ownership of the indirectly owned subsidiary through a fraudulent transfer. According to an article in The Wall Street Journal, this "asset reshuffling" specifically "benefited billionaire Carl Icahn and other shareholders at the expense of creditors." Upon this news, Dynegy stock fell approximately 35% below the closing price of the previous day. If you suffered a loss in Dynegy you have until May 29, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com