Corporations Keyed to Hamilton
In re Enron Corporation Securities, Derivative & Erisa Litigation
Facts
The complaint alleges that Defendants, “are liable for i) making false statements, or failing to disclose adverse facts while selling Enron securities and/or ii) participating in a scheme to defraud and/or a course of business that operated as a fraud or deceit on purchasers of Enron’s public securities during the Class Period.” Plaintiffs assert that Defendants participated in massive Ponzi scheme to inflate Enron’s reported revenues, mask its growing debts, sustain its falsely high stock prices and investment grade credit rating, and allow individual defendants to enrich themselves by looting the corporation while continuing to raise money from public offerings of Enron or related entities’ securities to uphold the scheme and to delay the collapse of the corporation. Lead Plaintiff further alleges that Enron’s accountants, outside law firms, and banks by rubber stamping their opinions deceived investors and the public and benefited from enormous fees and increasing business, as well as investment opportunities for personal enrichment.
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