Century Aluminum Co.

Class Period: After Jan 28, 2009

Lead Plaintiff Deadline: May 8, 2009 + Deadline passed

Summary of Case:

A securities class action has been filed against Century Aluminum Co. (CENX) ("Century Aluminum" or the "Company") on behalf of all persons or entities who purchased or otherwise acquired the common stock of Century Aluminum Co. ("Century Aluminum" or the "Company") pursuant and/or traceable the Registration Statement and Prospectus (collectively the "Registration Statement") issued in connection with the Company's January 28, 2009 Secondary Offering (the "Offering"). 

The complaint alleges that the Registration Statement was materially false and/or misleading because defendants failed to disclose that the Company issued $929 million of Series A Convertible Preferred Stock in July 2008 on a net basis as an operating activity when the transaction should have been presented on a gross presentation basis as both an operating activity and a financing activity to reflect the cash receipts and disbursements associated with the transaction. The Registration Statement incorporated by reference the Company's quarterly financial reports, which were filed with the United States Securities & Exchange Commission on Form 10-Q, for the fiscal quarters ended March 31, 2008, June 30, 2008 and September 30, 2008.  

On March 2, 2009, Century Aluminum shocked the market when the Company filed an Interim Report on Form 8-K with the SEC which disclosed that the Company would restate its interim consolidated statement of cash flows for the nine months ended September 30, 2008, to reflect cash flows related to the preferred stock issued in July 2008, which was not presented on the consolidated statement of cash flows in accordance with the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards No. 95 "Statement of Cash Flows."  

In response to this news, shares of the Company's stock declined more than 24% per share, to close at $1.67 per share on March 2, 2009. This closing price of Century Aluminum represented a cumulative loss of $2.61, or approximately 60%, of the value of the Company's shares at the time of its Secondary Offering less than two months earlier.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.