SDNY Certifies, Narrows Class in Alstom Securities Class Action

In an order dated Aug. 27, U.S. District Judge Victor Marrero of the SDNY granted class certification in the securities class action lawsuit against Alstom SA (ALO) and its U.S. subsidiaries over alleged accounting improprieties.  The class is defined as shareholders who purchased the company’s ADRs between Aug. 3, 1999, and Aug. 6, 2003.

Kevin Abikoff
Kevin Abikoff

According to Dow Jones Newswires, the court also narrowed the class by excluding some foreign purchasers who acquired shares overseas, including French shareholders. Hughes Hubbard’s Kevin Abikoff, a lawyer for Alstom, told Dow Jones that the company is quite pleased with the exclusion of French shareholders because it reduces Alstom’s exposure significantly.

Read the Dow Jones Newswires article

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