International Coal Group resolves securities class action
Client(s) International Coal Group, Inc.
Jones Day represented International Coal Group, Inc. and certain directors and officers in a class action alleging disclosure violations regarding mine safety issues affecting open market purchasers of Common Stock. The lawsuit was filed on January 7, 2008 in the U.S. District Court in the Southern District of West Virginia. The amended complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder based on alleged false and misleading statements in the registration statements filed in connection with the Company's November 2005 reorganization and December 2005 public offering of common stock. In addition, the amended complaint challenges other of the Company's public statements. After Jones Day moved to dismiss Saratoga's claims in their entirety, the parties reached a settlement, which is awaiting Court approval.
Saratoga Advantage Trust v. ICG, Inc., No. 2:08-0011 (S.D.W.Va.)