PHILADELPHIA, July 17, 2008 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. has commenced a class action lawsuit in the United States District Court, Southern District of New York, 08cv6394, on behalf of purchasers of Huntsman Corporation common stock (NYSE:HUN) between May 14, 2008 and June 18, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 against defendants Hexion Specialty Chemicals, Inc., Craig Morrison and Joshua Harris. The action is pending before the Honorable Richard M. Berman.
The complaint alleges that on July 12, 2007, Hexion announced an agreement to acquire all Huntsman common stock in a merger transaction for $28/share. The transaction was to close during the second quarter 2008 pending receipt of regulatory approvals and satisfaction of other closing conditions. Huntsman shareholders approved the transaction on October 16, 2007. On May 14, 2008, Hexion disclosed that it agreed to allow additional time to obtain the regulatory approvals. Unbeknownst to the public, defendants had determined to abort the merger and took steps to abrogate the Merger Agreement. Defendants retained the services of Duff & Phelps to render an opinion that the combined entity lacked financial viability. On June 18, 2008, Duff sent a letter to the Board of Directors of Hexion opining that the combined company's assets would not exceed its liabilities, that it would not have the ability to pay its total debts and liabilities as they become due and that it would have an unreasonably small amount of capital. On that same date, defendants filed a complaint in the Delaware Court of Chancery, seeking abrogation of the Merger Agreement. The reaction in the marketplace was devastating to the price of Huntsman's common stock. On June 19, 2008, the first day of trading after the June 18, 2008 actions by Hexion, the market price of Huntsman common stock fell approximately $8, or 40%, from $20.86 to close at $12.84, on enormous volume of approximately 43 million shares.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of Huntsman (NYSE:HUN) between May 14, 2008 and June 18, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. If you wish to serve as lead plaintiff, you must move the Court no later than September 17, 2008. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member.
To discuss this action or ask any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com
Website: http://www.bernardmgross.com