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VeraSun Energy Corporation (OTC: VSUNQ.PK) Investor Securities Class Action Lawsuit 11/10/2009

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Lawsuit Overview

Case Dismissed
Company
VeraSun Energy Corporation
Security
OTC: VSUNQ.PK

Case Name
VeraSun Energy Shareholder Class Action Lawsuit 11/10/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 30, 2010 - Parties filed a stipulation of dismissal with prejudice, dismissing all claims against the defendants.
September 1, 2010 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to file an amended complaint.

April 29, 2010 - The defendants filed a motion to dismiss.

March 15, 2010 - The lead plaintiffs filed a consolidated complaint.

February 1, 2010 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 11, 2010 - Lead plaintiff motions were filed.

November 10, 2009 - An investor in VeraSun Energy Corporation (OTC: VSUNQ.PK) filed a lawsuit in the U.S. District Court for the Southern District of New York against VeraSun Energy Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 12, 2008 and September 16, 2008.

According to the complaint the plaintiff alleges that certain of VeraSun Energy Corporation’s former executives violated the Exchange Act by failing to disclose between March 12, 2008 and September 16, 2008 material adverse facts about the VeraSun Energy Corporation’s true financial condition, business and prospects. Then on September 16, 2008, VeraSun Energy Corporation announced that it commenced a public offering of 20 million shares of its common stock to raise money for “general corporate purposes.” The true purpose of this public offering was to raise capital in an effort to prevent a disastrous impact from the huge losses experienced by VeraSun Energy Corporation as a result of its speculative trading and risky bets on the price of corn, so the lawsuit. In response to VeraSun Energy Corporation’s announcement on September 16, 2008, shares of VeraSun Energy Corporation’s stock fell $3.81 per share, or 70%, from a close of $5.22 per share before the announcement, to close at $1.41 per share on September 17, 2008, on extremely heavy trading volume. On October 31, 2008 VeraSun Energy Corporation filed for bankruptcy protection.

VeraSun Energy Corporation, located in Sioux Falls, SD, is an ethanol producer in the United States. VeraSun Energy Corporation focuses primarily on the production and sale of ethanol and its co-products. VeraSun Energy Corporation owns and operates five ethanol production facilities in the United States, with a combined ethanol production capacity of 560 million gallons per year (MMGY). VeraSun Energy Corporation reported in 2006 Total Revenue of $557.82million with a Net Income of $75.73million and in 2007 Total Revenue of $848.28million with a Net Income of $26.61million. Shares of VeraSun Energy Corporation (OTC: VSUNQ.PK) traded recently at $0.006 per share.