Century Aluminum Company (Nasdaq:CENX)
MURRAY, FRANK & SAILER LLP is investigating claims under the Securities Act of 1933 against Century Aluminum Company ("Century Aluminum" or the "Company") (Nasdaq:CENX) on behalf of investors who purchased Century Aluminum securities pursuant and/or traceable to the false and misleading registration statement and prospectus (collectively, the "Registration Statement") filed with the Securities and Exchange Commission ("SEC") in connection with the Company's secondary offering on or about January 28, 2009 (the "Secondary Offering").
It is alleged that the Registration Statement was materially false and/or misleading because defendants failed to disclose that the Company issued $929 million of Series A Convertible Preferred Stock in July 2008 on a net basis as an operating activity when the transaction should have been presented on a gross presentation basis as both an operating activity and a financing activity to reflect the cash receipts and disbursements associated with the transaction. The Registration Statement incorporated by reference the Company's quarterly financial reports, which were filed with the United States Securities & Exchange Commission on Form 10-Q, for the fiscal quarters ended March 31, 2008, June 30, 2008 and September 30, 2008.
On March 2, 2009, Century Aluminum shocked the market when the Company filed an Interim Report on Form 8-K with the SEC which disclosed that the Company would restate its interim consolidated statement of cash flows for the nine months ended September 30, 2008, to reflect cash flows related to the preferred stock issued in July 2008, which was not presented on the consolidated statement of cash flows in accordance with the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards No. 95 "Statement of Cash Flows."
In response to this news, shares of the Company's stock declined more than 24% per share, to close at $1.67 per share on March 2, 2009. This closing price of Century Aluminum represented a cumulative loss of $2.61, or approximately 60%, of the value of the Company's shares at the time of its Secondary Offering less than two months earlier.
If you purchased Century Aluminum securities traceable to the Company's January 2009 Secondary Offering and wish to represent a class of investors in this action or have questions concerning this notice or your rights, please contact us.
CONTACT: MURRAY, FRANK & SAILER LLP