Energy Industry
Industry: Email Alert RSS FeedA fallen star?(Editor's Note)(Star Gas Corp. )
Fuel Oil News, December, 2004 by Traczek, Chris
The first measurable snow had not yet covered the ground and the initial sub-zero temperature was still to be recorded, but the 2004-05 heating season started with a bang anyway with the news in late October that Stamford, Conn.-based Star Gas, L.P., and its subsidiary, Petroleum Heat & Power Co., Inc. (Petro), was being sued for misleading its investors.
Filing the securities fraud class-action complaint in United States District Court for Connecticut was the firm of Chitwood & Harley LLP, which alleged that, between July 25, 2003, and Oct. 18, 2004, the "defendants' publicly disseminated class period statements, which portrayed the company's business as robust, even in the face of rising heating oil prices and a significant restructuring, were materially...
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