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CRAIG DRIMEL et al v CMS ENERGY CORP ET AL Click to find out why . . .



Keywords & Phrases
CaseNo: CDEAVCECEA195652, CourtName: MISC 2, Plaintiff: CRAIG DRIMEL et al, State: MI Michigan, UniqueCaseRef: LCD>CDEAVCECEA195652, Cms, Energy, Securities, Reports, Trading, United States, Exchange Act, Individual Defendants, Marketing, Gas, Revenues, Pretax Operating Income, Trades, Power, Exchange Commission, Securities Analysts, Misleading, Wholesale Gas, Materially False, Energy Management Services, Allegations, Natural Gas, Transactions, Common Stock, Material Facts, Disclosure, Accounting, Representations , ContentID: 120252683

Case Documents
1 2002-05-10 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 127749
37 pages
PDF
Total Documents: 1 document , 37 pages
Price: $ 19.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
ENERGY
SECURITIES
REPORTS
PLAINTIFF
TRADING
UNITED STATES
EXCHANGE ACT
INDIVIDUAL DEFENDANTS
MARKETING
GAS
BUSINESS
REVENUES
PRETAX OPERATING INCOME
TRADES
POWER
EXCHANGE COMMISSION
SECURITIES ANALYSTS
MISLEADING
WHOLESALE GAS
MATERIALLY FALSE
ENERGY MANAGEMENT SERVICES
ALLEGATIONS
NATURAL GAS
TRANSACTIONS
COMMON STOCK
MATERIAL FACTS
DISCLOSURE
ACCOUNTING
REPRESENTATIONS
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MICHIGAN


 CRAIG DRIMEL, Individually and on Behalf of                             )
 all Others Similarly Situated,                                          )
                                                                         ) Civ. No. ________________
                                   Plaintiff,                            )
                                                                         ) CLASS ACTION
 vs.                                                                     ) COMPLAINT FOR
                                                                         ) VIOLATIONS OF FEDERAL
 CMS ENERGY CORPORATION, CONSUMERS                                       ) SECURITIES LAWS
 ENERGY COMPANY, WILLIAM T. McCORMICK,                                   )
 JR., DAVID W. JOOS and ALAN M. WRIGHT,                                  ) JURY TRIAL DEMANDED
                                                                         )
                                   Defendants.                           )
                                                                         )



                      Plaintiff has alleged the following based upon the investigation of

included a review of United States Securities and Exchange Commission ("SEC") filings by CMS Energy

Corporation ("CMS") and Consumers Energy Company ("Consumers") (together CMS and Consumers

shall hereinafter be referred to as "CMS" or the "Company"), as well as regulatory filings and

securities analysts reports and advisories about the Company, press releases and other public

issued by the Company, and media reports about the Company, and Plaintiff believes that substantial

additional evidentiary support will exist for the allegations set forth herein after a reasonable

for discovery.

                                                 NATURE OF THE ACTION

                      1.         This is a federal class action on behalf of purchasers of the

between August 3, 2000 to May 10, 2002, inclusive (the "Class Period"), seeking to pursue remedies

under the Securities Exchange Act of 1934 (the "Exchange Act").


                                        JURISDICTION AND VENUE

                 2.           The claims asserted herein arise under and pursuant to Sections 10(b)

SNIPPETS:
  • UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN
  • included a review of United States Securities and Exchange Commission filings by CMS Energy
  • Corporation ("CMS") and Consumers Energy Company (together CMS and Consumers
  • securities analysts reports and advisories about the Company, press releases and other public
  • issued by the Company, and media reports about the Company, and Plaintiff believes that
  • additional evidentiary support will exist for the allegations set forth herein after a
  • under the Securities Exchange Act of 1934.
  • electric and natural gas distribution company with 1.7 million electric customers and 1.6
  • customers; a 15,000 mile natural gas pipeline system and associated storage facilities;
  • marketing, trading and services company marketing 750 billion cubic feet of natural gas and
  • "Individual Defendants."
  • finances, financial condition, present and future business prospects.
  • 20 of the Exchange Act and had the power and influence to cause the Company to engage in the
  • securities analysts and through them,
  • copies of the Company's reports and press releases alleged herein to be misleading,
  • As senior executive officers and/or directors and controlling persons of a publiclytraded
  • disseminating materially false and misleading statements and/or concealing material adverse
  • Period misrepresented material facts about the business and operations of CMS;
  • reported revenues of $391 million from its energy marketing and trading business and included
  • The 2000 Second Quarter Form 10-Q also included the following representations:
  • lower-margin energy marketing revenues.
  • following additional disclosure:
  • PRETAX OPERATING INCOME: Pretax operating income for the three months ended September 30,
  • The decrease primarily reflects decreased earnings from power trading activities, primarily
  • Pretax operating income for the nine months ended September 30, 2000 increased $2 million
  • Exchange Commission an S-3 Registration Statement for $700 million of debt and equity
  • marketing and trading transactions.
  • in accordance with generally accepted accounting principles have been
  • "Dynegy Trades Draw SEC Scrutiny".
  •    |