Izard Nobel LLP Announces Class Action Lawsuit on Behalf of Purchasers of Tronox, Inc.
WEST HARTFORD, CT, Jul 10 (MARKET WIRE) --
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed in
the United States District Court for the Southern District of New York on
behalf of purchasers of the common stock (Class A or B) of Tronox, Inc.
("Tronox" or the "Company") (PINKSHEETS: TRXAQ) (PINKSHEETS: TRXBQ)
between November 28, 2005 and January 12, 2009, inclusive (the "Class
Period"). Tronox is not named in this action as a defendant because it
filed for bankruptcy protection in January 2009.
Tronox was spun-off from Kerr-McGee Corporation ("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 Complaint charges Kerr-McGee, Anadarko Petroleum Corporation
("Anadarko") and certain of Kerr-McGee and Tronox's executives with
violations of federal securities laws. The Complaint alleges that
Defendants failed to disclose material adverse facts about the Company's
financial condition and prospects. Specifically, Defendants failed to
disclose the true scope and extent of Tronox's environmental and tort
liabilities.
If you are a member of the class, you may, no later than September 8,
2009, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important decisions
which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, and your rights, visit:
www.izardnobel.com/tronox/, or contact Izard Nobel LLP toll-free at (800)
797-5499, or by e-mail: firm@izardnobel.com. For more information about
class action cases in general, please visit our website:
www.izardnobel.com.
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
www.izardnobel.com
Email Contact
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