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Independent Energy Holdings Litigation
(United States District Court for the
Southern District of New York)
Securities fraud class action against Independent Energy Holdings PLC filed on behalf
of all persons or entities who, from February 14, 2000 through September 8, 2000
(the "Class Period"): (1) purchased or acquired Independent Energy American Depository
Shares ("depository shares") that were issued in a secondary offering pursuant to the
Registration Statement and Prospectus filed with the SEC on form F-3 that was declared
effective on March 28, 2000; (2) otherwise purchased or acquired those depository
shares; (3) if residing in the United States or its territories, purchased or acquired
ordinary shares of Independent Energy; (4) or any combination thereof.
On September 26, 2003, the Honorable Shira A. Scheindlin of the United States
District Court for the Southern District of New York granted final approval of
two settlements totaling $48 million. The settlement resolves the securities
fraud class action pending in the Southern District of New York against certain
of Independent Energy Holdings PLC's former directors and officers, Donaldson,
Lufkin & Jenrette Securities Corp., Prudential Securities Inc., Johnson Rice & Company
L.L.C. (the underwriters of a secondary public offering of stock that occurred on
March 28, 2000), and certain related parties.
A more detailed description of the litigation and the legal rights of Class Members is set forth in the
Court-approved Notice of Settlement of Class Action,
Application for Attorneys' Fees and Expenses and Settlement Hearing and
Proof of Claim available below.
You can also obtain copies by contacting the Claims Administrator, Garden City Group, at (888) 211-0803.
In order to be eligible to share in the benefits of the Settlements, Class members must
have already submitted a
completed and signed Proof of Claim form postmarked on or before September 25, 2003.
Notice of Settlement of Class Action,
Application for Attorneys' Fees and Expenses and Settlement Hearing
Proof of Claim
The Second Consolidated Amended Class Action Complaint, filed on March 20, 2001, asserts claims arising
under sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. In particular, the Complaint
alleges that, during the Class Period, all of the defendants violated the federal securities laws as
a result of their issuance of a false and misleading Registration Statement and Prospectus in connection
with a secondary offering of ADSs on March 28, 2000. It further alleges that certain of the Company's
former directors and officers violated the federal securities laws as a result of their issuance of
false and misleading statements in press releases, and statements made by the Company's management on
conference calls with analysts that covered Independent Energy.
On December 20, 2000, the Court appointed J.B. Prudhomme, II, Floyd D. LeBleu, Thomas R. Becnel and
Robert C. Maison to serve as Lead Plaintiffs and approved BLB&G as Lead Counsel. The defendants'
motions to dismiss were denied in substantial part by the Court on July 26, 2001. On May 28, 2002,
the Court certified the Action to proceed as a class action and appointed certain of the Lead Plaintiffs
as Class Representatives.
On September 19, 2002, the Court granted preliminary approval of a partial
settlement that resolved the Class' claims against Independent Energy Holdings PLC and Independent Energy
U.K. Limited in exchange for their consent to the production of documents and testimony from various non-parties
in the U.K. which were essential to the prosecution of the Class' claims against the Individual Defendants and
the Underwriter and Related Defendants. At the time this partial settlement was reached, both Holdings and
Limited were in receivership. Pursuant to the Court's previous Order granting
preliminary approval of the Holdings/Limited Settlement,
the Court-approved
Notice of Pendency and Partial Settlement of Class Action was mailed to class
members. For a copy of that Notice, click
here. On December 17, 2002, the Court
approved the partial settlement and entered an Order and Final Judgment dismissing all claims against
Independent Energy Holdings PLC and Independent Energy U.K. Limited.
The 2003 Settlements were reached after fact discovery had closed, the parties were engaged in expert
discovery, and Lead Plaintiffs were preparing their oppositions to the defendants' motions for summary
judgment.
Firm partner Jerry Silk is responsible for
prosecuting this action.
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