Shareholder Class Action Filed on Behalf of Purchasers of Tronox, Inc. by the Law...
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Shareholder Class Action Filed on Behalf of Purchasers of Tronox, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP RADNOR, Pa., Aug. 12 /PRNewswire/ --The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of Tronox, Inc. (Pink Sheets: TRXAQ, TRXBQ) ("Tronox" or the "Company") between November 28, 2005 and January 12, 2009 inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. The Complaint charges Kerr-McGee Corporation ("Kerr-McGee"), Anadarko Petroleum Corporation ("Andarko") and certain of Kerr-McGee and Tronox's officers and directors with violations of the Securities Exchange Act of 1934. Tronox is not named in this action as a defendant because it filed for bankruptcy protection in January 2009. Tronox is a producer and marketer of titanium dioxide pigment (an inorganic white pigment used in paint, coatings, plastics, paper and other products). Tronox was spun-off from Kerr-McGee in a two-step transaction. In November 2005, Kerr McGee sold 17.5 million shares of Tronox Class A shares in an initial public offering for $14.00 per share (the "IPO") generating proceeds for Kerr-McGee of $225 million. After the IPO, Kerr-McGee distributed the balance of the shares that it owned as Class B shares to its shareholders as a dividend (the "Spin-Off"). More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's reserves for environmental liabilities failed to include reserves for other identified, but undisclosed sites; (2) that the Company faced extraordinarily high exposure regarding its environmental liabilities, which it failed to fully disclose to its shareholders; (3) that the Company's reserves for environmental liabilities were wholly inadequate; (4) that the Company would face extremely high tort liabilities, particularly for wood treatment claims; (5) that the Company's financial statements and, specifically the methodology used to calculate the Company's environmental liabilities reserve, were not prepared in accordance with Generally Accepted Accounting Principles; (6) that the Company lacked adequate internal and financial controls; (7) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; and (8) that, as a result of the foregoing, defendants' statements about the Company's financial well-being and future business prospects were lacking in any reasonable basis when made. As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class Members have suffered significant losses and damages. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com. If you are a member of the class described above, you may, not later than September 8, 2009, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at firstname.lastname@example.org SOURCE Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. or David M. Promisloff, Esq., both of Barroway Topaz Kessler Meltzer & Check, LLP, +1-888-299-7706 (toll free) or +1-610-667-7706, email@example.com
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