Shareholder Class Action Filed Against Tetra Technologies, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
RADNOR, Pa., April 30 /PRNewswire-FirstCall/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Texas on behalf of all purchasers of securities of TETRA Technologies, Inc. (NYSE:TTI) ("TETRA" or the "Company") from January 3, 2007 through October 16, 2007, 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 Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.
The Complaint charges TETRA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TETRA is an oil and gas services company, which includes an integrated calcium chloride and brominated products manufacturing operation that supplies feedstocks to energy markets, as well as other markets. The Company operates in three divisions: Fluids, Well Abandonment and Decommissioning ("WA&D") Services, and Product Enhancement. 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 WA&D Services division was performing below internal expectations; (2) that the Company had not taken timely charges for uncollectable insurance receivables; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made. On August 3, 2007, the Company shocked investors when it announced that it was reducing its 2007 earning guidance from $1.80-$2.15 per diluted share to $1.30-$1.50 per share, due to the fact that second quarter earnings were below Company expectations. The Company stated that its Fluids Division was impacted by higher inventory costs and that WA&D Services generated substantially less profits than anticipated. Nonetheless, the Company stated that the reasons for its weak performance were transitory, and that the second half of 2007 should exceed the first half, due to lower Fluids production costs and a more efficiently run WA&D Services operation. Upon the release of this news, the Company's shares declined $6.64 per share, or 25.14 percent, to close on August 3, 2007 at $19.77 per share, on unusually heavy trading volume. Then, on October 16, 2007, the Company further shocked investors when it announced the withdrawal of the 2007 earnings guidance it had issued on August 3, 2007, stating that the negative factors that affected the first half of 2007 would also adversely impact the third quarter. The Company disclosed that it would record impairments of certain oil and gas properties, and that by the end of the year, the Company could experience earnings impacts from insurance related issues, changes in asset retirement obligations, asset sales, and successful efforts impairments. Upon the release of this news, the Company's shares declined $1.76 per share, or 8.14 percent, to close on October 16, 2007 at $19.86 per share, on unusually heavy trading volume. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler 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 Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit www.sbtklaw.com If you are a member of the class described above, you may, not later than May 27, 2008, 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: Schiffrin Barroway Topaz & Kessler, LLP
CONTACT: Darren J. Check, Esq. or Richard A. Maniskas, Esq., Web site: http://www.sbtklaw.com/
2008-04-30 18:10:48 0349755 PRNEWSWIRE
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