Murray, Frank & Sailer LLP is investigating a class action lawsuit on behalf who purchased or otherwise acquired securities of Anchor Glass Container Corporation (NASDAQ: AGCC); (“Anchor” or the “Company”) between September 25, 2003 and November 4, 2004, inclusive (the “Class Period”).
Join the Case
Murray, Frank & Sailer LLP has learned that the Anchor failed to disclose and misrepresented the following material adverse facts, which were known or recklessly disregarded by defendants: (a) the Company’s production greatly exceeded demand, producing an excess of inventory, and forcing the closure of the Connellsville facility; (b) Anchor saturated the market with the excess inventory caused the Company to “curtail production selectively during the fourth quarter” to lower these inventory levels and align production with customer requirements; and (c) as a result, the Connellsville facility was materially impaired, which resulted in a charge of approximately $45 million.
In the pre-Market hours on November 5, 2004, defendants announced a far greater net loss than expected; a company-wide reform effort that included closing a major container facility (the Connellsville facility); suspension of the quarterly dividend; and the unexpected resignation of Anchor’s CEO, Richard Deneau. On this announcement, Anchor stock fell over 50% from its previous-day’s high of $8.38 to an intraday low $4.45 on extraordinarily high volume.
The deadline to join this potential action with Murray, Frank & Sailer LLP is January 28, 2005. If you would like information, please contact Eric J. Belfi at 1-800-497-8076 or at [email protected].