NEW YORK–(BUSINESS WIRE)– Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Veolia Environnement S.A. (“Veolia” or the “Company”) (NYSE: VE – News).
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The investigation seeks to determine whether the Company and its executives violated federal securities laws by misrepresenting and/or failing to disclose: (a) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (b) that Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, and Marine Services business in the United States and for Southern Europe; (c) that the Company’s revenues were being hampered by the renewal of some of its major concession contracts; and (d) that Veolia lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 4, 2011, Veolia reported consolidated financial results for the half year ended June 30, 2011. Veolia reported operating income of 252.2 million euros, compared to 1100.7 million euros in the prior year period, due to “non-recurring write-downs amounting to 686 million euros.” The Company stated that it would exit certain businesses, including its Transport business, Environmental Services, and Marine Services business. Based on this news, Veolia American Depository Shares fell $ 4.66 per share, or over 22%, to close at $ 16.10 per share.
If you purchased Veolia securities and you would like to discuss your legal rights, visit www.faruqilaw.com/VE. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Veolia’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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