Lawsuit Overview
Settlement Overview
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September 29, 2010 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
July 21, 2010 - Parties filed a stipulation of settlement and the court preliminarily approved the settlement.
July 9, 2009 - The court granted in part and denied in part the defendants' motion to dismiss.
June 27, 2009 - The lead plaintiff and lead counsel were appointed.
October 27, 2008 - The defendants filed a motion to dismiss.
August 26, 2008 - The lead plaintiff filed an amended consolidated complaint.
May 27, 2008 - Lead plaintiff motions were filed.
May 8, 2008 - All cases were consolidated.
March 27, 2008 - An investor in shares of TETRA Technologies Inc (NYSE: TTI) filed a lawsuit in the U.S. District Court for the Southern District of Texas against TETRA Technologies Inc over alleged violations of Federal Securities Laws.
The complaint alleges that, during January 3, 2007 through October 16, 2007, defendants issued materially false and misleading statements and failed to disclose the following adverse facts which were known to defendants or recklessly disregarded by them: (i) that the TETRA Technologies Inc's Well Abandonment and Decommissioning (“WA&D”) division was not performing according to internal expectations; (ii) that the TETRA Technologies Inc failed to timely take a charge for insurance receivables which remain uncollected; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the TETRA Technologies Inc and its prospects.
On August 3, 2007, the TETRA Technologies Inc announced its financial results for the second quarter of 2007 and reduced its full year 2007 earnings guidance because of, among other things, poor profits at its WA&D services. Shares of TETRA Technologies Inc (NYSE: TTI) stock fell 25% following this announcement. Then, on October 16, 2007, TETRA Technologies Inc issued a press release announcing that it was withdrawing its previously estimated full year 2007 earnings guidance because of, among other things, the TETRA Technologies Inc’s concern that it would have to take a charge to earnings for substantial uncollected insurance receivables. In response to this announcement, the price of TETRA Technologies Inc common stock fell an additional $1.76 per share, or approximately 8%, to close at $19.86 per share, on heavy trading volume.
The TETRA Technologies Inc operates as an oil and gas services TETRA Technologies Inc worldwide. It manufactures integrated calcium chloride and brominated products, and supplies feedstocks to energy and other markets.