NEW YORK, Oct. 22, 2004 (PRIMEZONE) -- Bull & Lifshitz, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Middle District of Florida on behalf of purchasers of TECO Energy, Inc. ("TECO") (NYSE:TE) securities during the period between October 30, 2001 and February 4, 2003 (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained by request from the firm's website at http://www.nyclasslaw.com/infopackage.html.
The lawsuit charges TECO and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TECO is a holding company for regulated utilities and other unregulated businesses. During the Class Period, TECO concealed problems with independent power plant construction ventures for which it would ultimately be fully responsible, including the Company's full exposure to the demise of Enron Corporation and the vulnerability of the company's large cash dividend, causing TECO securities to trade at artificially inflated levels. The individual defendants sold over $4.2 million of their own stock and raised over $792 million selling equity securities. In late 2002 and early 2003, several large projects and their liabilities were "put" to TECO, moving hundreds of millions of dollars of off-balance sheet debt into TECO's balance sheet. TECO took over a billion dollars in impairment charges as a result, causing its stock to fall from a Class Period high of over $28 per share, to below $13 per share on February 4, 2003.
If you bought TECO publicly traded securities, and you wish to serve as lead plaintiff, you must move the Court no later than October 25, 2004. If you are a member of this class, you can join this class action online at http://www.nyclasslaw.com/join.html. Any member of the purported class may move the Court to serve as lead plaintiff through this firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Bull & Lifshitz, LLP is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.nyclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca