PHILADELPHIA, July 17, 2008 (LAWFUEL) — Law Offices Bernard M.
Gross, P.C. has commenced a class action lawsuit in the United States
District Court, Southern District of New York, 08cv6394, on behalf of
purchasers of Huntsman Corporation common stock (NYSE:HUN) between May
14, 2008 and June 18, 2008, inclusive (the “Class Period”), seeking to
pursue remedies under the Securities Exchange Act of 1934 against
defendants Hexion Specialty Chemicals, Inc., Craig Morrison and Joshua
Harris. The action is pending before the Honorable Richard M. Berman.
The complaint alleges that on July 12, 2007, Hexion announced an
agreement to acquire all Huntsman common stock in a merger transaction
for $28/share. The transaction was to close during the second quarter
2008 pending receipt of regulatory approvals and satisfaction of other
closing conditions. Huntsman shareholders approved the transaction on
October 16, 2007. On May 14, 2008, Hexion disclosed that it agreed to
allow additional time to obtain the regulatory approvals. Unbeknownst
to the public, defendants had determined to abort the merger and took
steps to abrogate the Merger Agreement. Defendants retained the
services of Duff & Phelps to render an opinion that the combined entity
lacked financial viability. On June 18, 2008, Duff sent a letter to the
Board of Directors of Hexion opining that the combined company’s assets
would not exceed its liabilities, that it would not have the ability to
pay its total debts and liabilities as they become due and that it
would have an unreasonably small amount of capital. On that same date,
defendants filed a complaint in the Delaware Court of Chancery, seeking
abrogation of the Merger Agreement. The reaction in the marketplace was
devastating to the price of Huntsman’s common stock. On June 19, 2008,
the first day of trading after the June 18, 2008 actions by Hexion, the
market price of Huntsman common stock fell approximately $8, or 40%,
from $20.86 to close at $12.84, on enormous volume of approximately 43
million shares.
Plaintiff seeks to recover damages on behalf of all those who purchased
the common stock of Huntsman (NYSE:HUN) between May 14, 2008 and June
18, 2008. The plaintiff is represented by Law Offices Bernard M. Gross
P.C. The firm has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud. If you wish
to serve as lead plaintiff, you must move the Court no later than
September 17, 2008. Any member of the purported class may move the
Court to serve as lead plaintiff through counsel of its choice, or may
choose to do nothing and remain an absent class member.
