Halliburton says class status denied in fraud case
SAN FRANCISCO, Sept 30 |
SAN FRANCISCO, Sept 30 (Reuters) - Halliburton Co (HAL.N) said on Tuesday a federal judge has denied class-action status to the lead plaintiff in a six-year-old case about securities law violations.
With the Sept. 29 decision, lead plaintiff Archdiocese of Milwaukee Supporting Fund will have to pursue on its own the lawsuit, which claims Halliburton defrauded investors through questionable accounting practices from 1998 to 2001.
The U.S. Court for the Northern District of Texas in Dallas will elaborate by Nov. 3, when the plaintiffs will have the option to file motions for reconsideration or an appeal, said Halliburton, which has headquarters in Houston and Dubai.
The lead plaintiff, after filing a fourth amended complaint in April 2006, requested class certification a year ago. Halliburton's response was filed two months later and a hearing was held in March, according to a previous Halliburton filing.
The original lawsuit came in 2002 after the U.S. Securities and Exchange Commission initiated an investigation of Halliburton, which then settled with the SEC in 2004. (Reporting by Braden Reddall; Editing by Gary Hill)
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