HOUSTON, July 30, 2004 (PRIMEZONE) -- On July 20th, 2004 Emerson Poynter LLP announced that it had filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of all persons who purchased the publicly traded securities of The Shaw Group, Inc. (NYSE:SGR) ("Shaw" or the "Company") between October 19, 2000 and June 10, 2004, inclusive (the "Class Period"). Although not pled in the securities fraud class action complaint, Participants and Beneficiaries of The Shaw Group 401(k) Plan and The Shaw Group Inc. 401(k) Plan for Certain Hourly Employees may have related claims concerning investments in Company stock in the Plans.
Emerson Poynter's investigation of the retirement plans focuses on concerns that Shaw and other fiduciaries for the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence by (1) failing to prudently and loyally manage the Plans' assets by imprudently investing a significant amount of the Plans' assets in Shaw stock; (2) failing to monitor and provide fiduciary appointees with information that the appointing fiduciaries knew or should have known that the monitored fiduciaries must have in order to prudently manage the Plans' assets; (3) failing to provide complete and accurate information to participants and beneficiaries; and (4) breaching their duty to avoid conflicts of interest.
Emerson Poynter LLP has substantial experience representing plan participants in ERISA actions and investors in securities fraud class action lawsuits. The firm represents investors and retirement plan participants throughout the nation in such cases as Enron, Reliant Energy, Goodyear, and ADC Telecommunications from its offices in Houston, Seattle, and Little Rock.
If you are a member of one of the Plans and purchased or held Shaw stock through the Plans, you may contact two of our paralegals, Tanya Autry or Michelle Raggio, or any other member of our team (Scott Poynter or John Emerson) by calling toll-free at 800/663-9817 or via e-mail at shareholder@emersonfirm.com.