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    Staff | FinanzaOnline

Come sempre, se qualcuno è rimasto "scottato", son qui ....

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April 7, 2005 – a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Rhodia S.A. (“Rhodia”) (NYSE:RHA) securities during the period between April 26, 2001 and March 23, 2004 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you are a member of this class, you can join this class action . 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.

The complaint charges Rhodia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Rhodia develops, manufactures and markets chemical products.

The complaint alleges that during the Class Period, defendants engaged in a scheme to overstate Rhodia’s reported financial results by failing to record impairment on a timely basis in order to: (i) protect and enhance their executive positions and substantial compensation; (ii) raise €1 billion in Notes in a private placement on May 28, 2003, as well as €290 million in a private placement of Notes with American investors in 2001; and (iii) enhance the value of their personal Rhodia securities holdings and options. The true facts, which were known to the defendants during the Class Period but concealed from shareholders, were as follows: (i) Rhodia was carrying an overvalued asset on its books in the form of its ChiRex unit which was impaired and should have been written down in a timely fashion but was not; (ii) Rhodia failed to write down its deferred tax assets to recoverable values in 2002 and failed to do so in 2003 until the end of the year; (iii) the Company failed to properly report its outstanding debt; and (iv) the Company failed to include disclosures to make it possible for investors to understand the trends in its business. As a result of Rhodia’s false statements, its securities traded at artificially inflated levels during the Class Period.

On March 23, 2004, it was revealed that French securities regulators were conducting an inquiry into the Company’s financial reporting. Following this news, Rhodia’s stock collapsed to below $1.50 per share. Subsequently, in March 2005, it was reported that France’s stock market regulator had found that the Company had failed to disclose important information in a timely fashion beginning in 2001.

Plaintiff seeks to recover damages on behalf of all purchasers of Rhodia securities during the Class Period (the “Class”).
 
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