Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit on Behalf of Purchasers of Tronox, Inc.

Fri Jul 10, 2009 4:40pm EDT
 
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NEW YORK--(Business Wire)--
Coughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia")
(http://www.csgrr.com/cases/tronox/) today announced that a class action has
been commenced in the United States District Court for the Southern District of
New York on behalf of purchasers of Tronox, Inc. ("Tronox" or "the Company")
(OTC:TRXAQ.PK, OTC:TRXBQ) common stock (Class A or Class B) between November 28,
2005 and January 12, 2009, inclusive (the "Class Period"), seeking to pursue
remedies under the Securities and Exchange Act of 1934 (the "Exchange Act").
Tronox is not named in this action as a defendant because it filed for
bankruptcy protection in January 2009. 

If you wish to serve as lead plaintiff, you must move the Court no later than 60
days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff`s
counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at
800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a
member of this Class, you can view a copy of the complaint as filed or join this
class action online at http://www.csgrr.com/cases/tronox/. Any member of the
putative 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. 

The complaint charges Kerr-McGee Corporation ("Kerr-McGee"), Anadarko Petroleum
Corporation ("Anadarko") and certain of Kerr-McGee and Tronox`s executives with
violations of the Exchange Act. Tronox is a Delaware corporation engaged in the
business of producing and marketing titanium dioxide - a white pigment used in a
wide range of products to impart whiteness, brightness and opacity. 

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 continued to hold 56.7% of
Tronox`s outstanding common stock. In March 2006, Kerr-McGee distributed the
balance of the shares that it owned as Class B shares to its shareholders as a
dividend (the "Spin-Off"). 

The Complaint alleges that, throughout the Class Period, Defendants failed to
disclose material adverse facts about the Company`s true financial condition,
business and prospects. Specifically, the Complaint alleges that Defendants
failed to disclose the true scope and extent of Tronox`s environmental and tort
liabilities. When the market learned of the true facts about the Company, the
price of Tronox stock declined precipitously. 

Plaintiff seeks to recover damages on behalf of all purchasers of Tronox common
stock during the Class Period (the "Class"). The plaintiff is represented by
Coughlin Stoia, which has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud. 

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los
Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is
active in major litigations pending in federal and state courts throughout the
United States and has taken a leading role in many important actions on behalf
of defrauded investors, consumers, and companies, as well as victims of human
rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more
information about the firm. 





Coughlin Stoia Geller Rudman & Robbins LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
djr@csgrr.com



Copyright Business Wire 2009

 

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