More trouble for Trico as law firm files class actionNews // June 25, 2004
The action was filed on June 4, 2004, in the United States District Court for the Eastern District of Louisiana on behalf of all purchasers of the common stock of Trico Marine Services between May 6, 2003 and May 10, 2004, inclusive (the "Class Period").
The action is pursuing remedies under the Securities Exchange Act of 1934. Thecomplaint alleges that the company issued false and misleading representationsthereby causing company shares to trade at artificially inflated levels.
The law suit further alleges that Trico continuously informed investors that, even though the company was sustaining losses each quarter, its future earningsprospects were favorable. These favorable prospects were touted even thoughthe defendants were in possession of information which showed that the company's operations would continue to experience losses and their core business was in an area of declining revenues.