Lead Plaintiff and Counsel Appointed
Posted In Securities
City of Roseville Employees’ Ret. Sys., v. Horizon Lines Inc., C.A. No. 08-969 (D. Del. June 18, 2009)
In this putative class action, the plaintiffs allege that Horizon, a container shipping and logistics company, fraudulently inflated the value of its securities by entering into illegal price-fixing agreements with its competitors in order to manipulate prices in certain markets. In an unopposed motion for appointment of lead plaintiff and counsel, the district court applied In re Cendant Corp. Litig., 264 F.3d 201 (3d Cir. 2001) and the terms of the PSLRA to appoint the Police and Fire Retirement System of the City of Detroit as lead plaintiff and their choice for lead and liaison counsel.