Halliburton (HAL) announced today that on September 29, 2008, the U.S. District Court for the Northern District of Texas denied the plaintiff’s motion for class certification in the securities class action filed against it. Halliburton stated that as a result, the claims brought by lead plaintiff Archdiocese of Milwaukee Supporting Fund must now be pursued on an individual basis.
According to Halliburton, the court will issue an opinion elaborating on its decision by November 3, 2008. At that time, the plaintiffs will have the option to file motions for reconsideration or an appeal.
Reuters reports that after filing a fourth amended complaint in April 2006, the Archdiocese of Milwaukee Supporting Fund requested class certification a year ago. The original lawsuit reportedly came in 2002 after the SEC began an investigation of Halliburton, which then settled with the SEC in 2004.
