BOULDER, Colo., Sept. 17, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the U.S. District Court for the Eastern District of Michigan on behalf of purchasers of Reddy Ice Holdings, Inc. ("Reddy Ice" or the "Company") (NYSE:FRZ) common stock during the period between August 10, 2005 and March 6, 2008, inclusive (the "Class Period").
The complaint alleges Reddy Ice and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements concerning the Company's financial performance and prospects. According to the complaint, from at least 2002 to the present, defendants engaged in a continuing conspiracy in restraint of trade to artificially raise, fix, maintain or stabilize prices for packaged ice in violation of the federal law. In addition, defendants divided up the packaged ice market so that they would not compete with other packaged ice makers.
On March 6, 2008, after the markets closed, Reddy Ice issued a press release announcing that "federal officials executed a search warrant at the Company's corporate office in Dallas on March 5, 2008." Upon this news, on the next trading day, shares of the Company's stock fell $7.73 per share, or 33%.
If you purchased shares in Reddy Ice during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than October 7, 2008. While The Shuman Law Firm has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.
Advertising Material
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.