Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Royal Dutch Petroleum Company and the Shell Transport and Trading Co
February 18 2004 - 8:57PM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Royal Dutch Petroleum Company and the Shell Transport and Trading
Company, PLC. HARTFORD, Conn., Feb. 18 /PRNewswire/ -- A lawsuit
seeking class action status has been filed in the United States
District Court for the District of New Jersey on behalf of all
persons who purchased the publicly traded securities of Royal Dutch
Petroleum Company ("Royal Dutch") and/or The Shell Transport and
Trading Company, PLC ("Shell Transport") (collectively "Royal
Dutch/Shell" or the "Company") from December 3, 1999 through
January 9, 2004, inclusive (the "Class Period"). Plaintiffs are
represented by the law firm of Schatz & Nobel, P.C., which has
significant experience prosecuting class actions onbehalf of
investors. If you wish to discuss this action or have any
questions, please contact attorneys Andrew M. Schatz or Nancy A.
Kulesa at (800) 797-5499, or by e-mail at . For more information
about Schatz & Nobel, P.C. and class action cases, please visit
our website: http://www.snlaw.net/. The Complaint alleges that
Royal Dutch/Shell and certain of its officers and directors issued
materially false and misleading statements. Specifically,
defendants classified and reported, in SEC filings and other public
documents, certain oil and gas reserves from a project called the
Gorgon Joint Venture in Australia and from various projects in
Nigeria as "proved reserves". Unbeknownst to investors, such
projects did not meet the SEC or industry standards required to be
classified as "proved". Plaintiff further alleges that these
material misrepresentations artificially inflated the price of
Royal Dutch/Shell during the Class Period. On January 9, 2004,
Royal Dutch/Shell announced that it would write down its "proved"
oil and gas reserves by 20%. On this news, Royal Dutch Shell ADRs
fell 7.87% from $52.76 to $48.61 and Shell Transport ADRs fell
6.96% from $44.81 to $41.69. Plaintiffs seek to recover damages on
behalf of all Class Members. If you purchased or otherwise acquired
Royal Dutch/Shell from December 3, 1999 through January 9, 2004
inclusive, and wish to act as a lead plaintiff, you may move the
Court to act in that capacity not later than March 26, 2004. If you
wish to discuss yourrights as lead plaintiff or as a class member,
please contact Schatz & Nobel, P.C. toll-free at (800)
797-5499, or by e-mail at . DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, P.C.,
+1-800-797-5499, Web site: http://www.snlaw.net/
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