HARTFORD, Conn., May 24 – LAWFUEL – The Law News Network — The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the Northern
District of Illinois on behalf of all purchasers of publicly traded securities
of Corn Products International, Inc. (NYSE: CPO) (“Corn Products
International”) between January 25, 2005 and April 4, 2005 (the “Class
Period”).
The Complaint alleges that Corn Products International violated federal
securities laws by issuing false or misleading public statements. These
allegations arise out of the April 5, 2005, announcement that Corn Products
International expected first quarter earnings to decline by 35 to 40 percent
from the first quarter of 2004. The Complaint alleges that prior to this
announcement, Corn Products International had issued improper statements
concerning its future prospects. Specifically, the Complaint alleges that
those statements were improper because, at the time they were made, Corn
Products International knew that it was experiencing manufacturing problems at
certain of its facilities, causing expenses to rise dramatically above
internally forecasted levels, and causing certain processing facilities to
close and/or slowdown production. The Complaint also alleges that Corn
Products International had contracted for corn in Canada in the late Fall of
2004 at prices higher than present prevailing prices, thereby forcing the it
to purchase corn at above-market prices. In reaction to the April 5, 2005
announcement, the price of Corn Products International stock fell from a close
of $25.86 per share on April 4, 2005, to close at $20.98 per share on April 5,
2005.
If you are a member of the class, you may, no later than July 19, 2005,
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).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at
sn06106@aol.com. To view a copy of the Complaint initiating the class action,
which was not filed by Schatz & Nobel, or for more information about this
case, class action cases in general, or Schatz & Nobel, please visit our
website: http://www.snlaw.net.
CONTACT: Wayne T. Boulton or Nancy Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net
e-mail: sn06106@aol.com
http://www.snlaw.net
