INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP HAS FILED A SHAREHOLDER CLASS ACTION AGAINST INTERNATIONAL COAL GROUP, INC.- ICO
New York, NY April 12, 2007 - Murray, Frank & Sailer LLP has filed a class action on behalf of shareholders who purchased or otherwise acquired the securities of International Coal Group, Inc. (“ICG” the “Company”) (NYSE: ICO) between November 18, 2005 to October 4, 2006, inclusive, (the "Class Period").
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The complaint charges ICG and certain of its officers and directors and its underwriters with violations of the Securities Act of 1933. ICG is a coal producer with operations in West Virginia, Kentucky, Maryland and Illinois.
The complaint alleges that in November and December 2005, ICG undertook two integrated stock transactions involving Registration Statements filed and effective with the SEC. The Offerings were mutually interdependent. The statements in the November and December 2005 Registration Statements concerning the Company's business, the strength of its management team, its safety and maintenance practices, its ability to capitalize on favorable market conditions, its ability to deliver optimum selections of coal to meet increasing demand, and its acquisition of the Anker Coal Company and company reorganization were all false and misleading when made. In fact, the Company was suffering from serious shortfalls in its maintenance and safety procedures, its mines were ill-equipped, as were its miners, the Anker acquisition had been a mistake, saddling the Company with outmoded and dangerous mining operations, the Company's top management team was distracted by work involved in the November 2005 reorganization and December 2005 offering and the Company would be unable to produce sufficient amounts of coal in desired mixes to meet its revenue and earnings and production forecasts. After the November and December 2005 Registration Statements became effective, information entered the marketplace in a series of company-specific negative revelations contradicting the prior representations made and demonstrating the falsity of the Registration Statements. As a result, the Company's stock price declined sharply, damaging Class members who purchased the stock issued by the Company in the Offerings.
If you are a member of the class, you may, no later than June 4, 2007, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative, chosen by the Court, who acts on behalf of other class members in directing the litigation.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You may visit our website at www.murrayfrank.com. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Bradley P. Dyer of Murray, Frank & Sailer LLP.
Murray, Frank & Sailer LLP
Bradley P. Dyer
Fax: (212) 682-1892
Email: [email protected]