STEVENSON, MD–(Marketwire -01/10/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Veolia Environnement S.A. (“Veolia” or the “Company”) (NYSE: VE – News) American Depositary Shares (“ADSs”) during the period between April 27, 2007 and August 4, 2011, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in Veolia Environnement securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at [email protected], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 27, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period that the Company’s revenues were being hampered by the renewal of some of its major concession contracts and that Veolia was materially overstating its financial results by engaging in improper accounting practices, including its failure to timely record an impairment charge for its transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States, and for Southern Europe. According to the complaint, after, on August 4, 2011, Veolia reported consolidated revenue of EUR 16,286.7 million for the period ended June 30, 2011 and operating income of EUR 252.2 million, compared to EUR 1100.7 million in the prior year period, due to “non-recurring write-downs amounting to EUR 686M (principally in Italy, Morocco and the United States),” and that the Company stated that it would exit certain businesses and certain geographies, including its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States and in Southern Europe, the value of Veolia stock declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.