SOURCE: Brower Piven, A Professional Corporation

October 14, 2009 17:34 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in EnergySolutions, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 8, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - October 14, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced 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").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 8, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period (including in registration statements and prospectuses issued in connection with the Company's November 14, 2007 initial public offering and/or the Company's July 24, 2008 secondary offering) that economic problems in the United States and internationally were adversely affecting the Company's ability to secure projects which would adversely affect its future results; that the Company was not able to take advantage of opportunities in the nuclear industry that were disclosed in statements in the Company's offering documents for the Offerings; and that a rule change sought by the Company's petition requesting that the Nuclear Regulatory Commission ("NRC") change well-established and longstanding regulations (those restricting the use of facility decommissioning trusts for nuclear waste disposal) was considerably more difficult and much riskier than the Company represented during the Class Period and/or in documents relating to the Offerings (because the NRC had already considered and rejected the issue raised in the petition) such that the business prospects of the Company, including the Company's license stewardship initiative, heavily dependent upon a favorable ruling from the NRC on the petition, were worse than the Company represented.

According to the complaint, on October 14, 2008, after the Company disclosed that the Company was reducing its estimates for net income and that the NRC denied the Company's petition, the value of EnergySolutions' stock declined significantly.

If you have suffered a net loss for all transactions in EnergySolutions' common stock traceable to the Offerings or during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact