Lawsuit on behalf of Horizon Lines, Inc. (Public, NYSE:HRZ) investors over alleged violations of federal securities laws – Contact the Shareholders Foundation, Inc
An investor in Horizon Lines Inc. (HRZ) has filed a lawsuit in the United States District Court for the District of Delaware on behalf of persons or entities who purchased or otherwise acquired the securities of Horizon Lines, Inc. (Public, NYSE:HRZ) during the period March 2, 2007 through April 25, 2008 against Horizon Lines and certain of the Company’s executive officers for alleged violations of Federal Securities Laws. Meanwhile an investigation on behalf of current long term HRZ investors was announced.
If you are a current long term investor in Horizon Lines, Inc. (Public, NYSE:HRZ) stock and / or purchased HRZ shares between March 2, 2007 through April 25, 2008, you have certain options and you should contact the Shareholders Foundation, Inc. at:
According to the complaint the plaintiff alleges that Horizon Lines Inc. and certain its executive officers violated the Securities Exchange Act of 1934. by issuing false and misleading statements or failing to disclose material adverse facts about its business, operations and prospects. Among other things, plaintiff alleges that defendants misled investors as to Horizon Lines Inc.’s profitability and artificially inflated its stock price, by entering into improper price-fixing agreements with competitors, in violation of federal antitrust laws. Then on April 17, 2008, Horizon Lines, Inc. shocked investors when it revealed that it was the subject of an antitrust investigation being conducted by the United States Department of Justice Antitrust Division. On this news, so the lawsuit, Horizon Lines Inc.’s shares declined $3.53 per share, or 19.36 percent, to close on April 17, 2008, at $14.70 per share, on unusually heavy trading volume. On April 25, 2008, Horizon Lines announced reported its financial results for the 2008 fiscal first quarter ended March 23, 2008, and revised downward the company’s earnings guidance for the 2008 fiscal year. This news, so the lawsuit, caused Horizon Lines Inc.’s shares to decline $3.83 per share, or 23.10 percent, to close on April 25, 2008, at $11.25 per share. On October 1, 2008, the United States Department of Justice Antitrust Division issued a press release announcing that four shipping executives – including three Horizon employees – had agreed to plead guilty for their roles in a conspiracy to eliminate competition and raise prices for the movement of goods between the U.S. and Puerto Rico shipping lane, by agreeing not to compete for one another’s customers, agreeing to rig bids submitted to government and commercial buyers, and agreeing to fix the prices of rates, surcharges and other fees charged to customers.
Those who are current long term investors in Horizon Lines, Inc. (Public, NYSE:HRZ) stock and / or purchased HRZ shares between March 2, 2007 through April 25, 2008, have certain options and should contact the Shareholders Foundation, Inc. at:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
