Cases & Deals

The Southern Company defends securities fraud action

Clients Southern Company, The

Jones Day represented The Southern Company and certain of its former directors in a consolidated securities fraud class action against The Southern Company's former subsidiary Mirant Corporation, and the underwriters of Mirant Corporation's initial public offering. In the corrected consolidated amended complaint, the plaintiffs alleged that Mirant Corporation made false statements in its IPO registration statement and in various post-IPO financial statements and asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and under Sections 11 and 15 of the Securities Act of 1933. Jones Day moved to dismiss the corrected consolidated second amended complaint on the grounds that the plaintiffs failed to adequately plead a primary violation of the Securities Act or a controlling person violation under the Securities Act and the Securities Exchange Act. On January 7, 2009, Judge Richard W. Story, in a 75-page opinion, held that none of the plaintiffs' allegations stated a claim for relief, concluded that permitting the plaintiffs yet another opportunity to amend would be futile, and dismissed the claims with prejudice.

In re Mirant Corporation Securities Litigation, No. 1:02-CV-1467 (N.D. Ga.)

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