Newpark Resources, Inc. in Security Class Action Lawsuit
A lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Louisiana by the law firm of Schatz & Nobel, P.C. on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Newpark Resources, Inc. (”Newpark” or the “Company”) (NYSE:NR) between February 28, 2005 and April 16, 2006, inclusive, (the “Class Period”).
The lawsuit alleges that defendants violated federal securities laws by issuing a series of materially false statements. Specifically, defendants’ Class Period representations regarding Newpark were materially false and misleading when made because the Company failed to disclose irregularities with the processing and payment of invoices by the Company’s subsidiary, Soloco Texas, LP.
If you are a member of the class, you may, no later than June 20, 2006, 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, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
Filed under Class Action, General Law
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