NEW YORK, March 28, 2012 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, case no. 12 Civ. 2307, on behalf of all persons who purchased Dynegy Inc. ("Dynegy" or the "Company") (NYSE: DYN) common stock between September 2, 2011 and March 9, 2012 inclusive (the "Class Period").
Dynegy, Dynegy's Chief Executive Officer Robert Flexon, Dynegy's Chief Financial Officer Clint Freeland and Carl C. Icahn are charged with violations of Section 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that Dynegy's wholly-owned subsidiary fraudulently transferred direct ownership in one of Dynegy's indirectly owned subsidiaries directly to Dynegy.
On March 9, 2012, a bankruptcy examiner disclosed that Dynegy improperly acquired direct ownership of the indirectly owned subsidiary through a fraudulent transfer. This news caused Dynegy stock to drop approximately 35% by the close of the business day.
Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought Dynegy stock between September 2, 2011 and March 9, 2012, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you purchased Dynegy stock during the Class Period, you may, not later than May 29, 2012, move the court to serve as lead plaintiff of the class, if you so choose. In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact:
Faruqi & Faruqi, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 ATTN: Richard Gonnello, Esq. or Francis P. McConville, Esq. [email protected] or [email protected] Toll Free: (877) 247-4292 Phone: (212) 983-9330
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