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Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against EnergySolutions, Inc.
Friday, October 09, 2009 5:51 PM


(Source: Business Wire)trackingCoughlin Stoia Geller Rudman & Robbins LLP ("Coughlin Stoia") (http://www.csgrr.com/cases/energysolutions/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of EnergySolutions, Inc. ("EnergySolutions" or the "Company") (NYSE:ES) in or traceable to the Company's initial public offering on or about November 14, 2007 (the "IPO") and the Company's offering of securities on or about July 24, 2008 (the "July 2008 Offering") (collectively, the "Offerings"), as well as purchasers of the Company's common stock between November 14, 2007 and October 14, 2008, inclusive (the "Class Period"), under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 ("Securities Act") and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/energysolutions/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges EnergySolutions, certain directors and officers of EnergySolutions, ENV Holdings, LLC ("ENV Holdings") and the main underwriters for the Offerings, with violations of the Securities Act and the Exchange Act. EnergySolutions is a provider of specialized, technology-based nuclear services to government and commercial customers.

More than 30 million EnergySolutions shares were sold to investors in the IPO at $23 per share raising approximately $765.90 million and 40.25 million shares were sold to investors in the July 2008 Offering at $19 per share raising approximately $764.75 million. Prior to the IPO, ENV Holdings held 100% of the shares of EnergySolutions, sold millions of shares in the IPO, and sold 100% of the shares to investors in the July 2008 Offering.

The complaint alleges that, throughout the Class Period, and in the offering documents for the Offerings, defendants made numerous positive statements regarding the Company's financial condition, business and prospects.



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