Royal Dutch Petroleum (NYSE:RD)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Royal Dutch Petroleum Charts. Click Here for more Royal Dutch Petroleum Charts.](/p.php?pid=staticchart&s=NY%5ERD&p=8&t=15)
Scott + Scott, LLC Files ERISA Class Action against Royal Dutch
Petroleum Company on Behalf of Participants and Beneficiaries of Retirement
Accounts
Scott + Scott, LLC Represents Plaintiffs On Behalf of the Shell Provident Fund
and the Shell Pay Deferral Investment Fund
COLCHESTER, Conn., April 6 /PRNewswire/ -- Scott + Scott, LLC
(nrothstein@scott-scott.com or scottlaw@scott-scott.com), a law firm based in
Connecticut with offices in Ohio and California, announces that it has filed an
ERISA action (Employee Retirement Income Security Act of 1974) on behalf of the
participants and beneficiaries (not defendants) of the Shell Provident and Shell
Pay Deferral Investment Funds (the "Shell Retirement Funds") of Royal Dutch
Petroleum Company and affiliated companies ("Royal Dutch/Shell" - NYSE: RD and
NYSE: SC). On April 2, 2004, five plaintiffs filed a class action complaint
under ERISA on behalf of the Shell Retirement Funds and the thousands of the
participants and beneficiaries of each whose retirement accounts held securities
in the Plans' Royal Dutch Stock Fund from at least December 3, 1999 through and
including January 9, 2004 and who suffered losses due to defendants' alleged
breaches of fiduciary duties.
Plaintiffs allege that at least during this period, instead of carefully
observing their fiduciary duties to act solely in the Plans' and the Class's
best interests, defendants breached their fiduciary duties by systematically and
improperly manipulating the financial results of the combined oil companies,
Royal Dutch Petroleum Company and Shell Transport and Trading Company, in direct
contravention of generally accepted accounting principles ("GAAP") and then
misrepresenting such financial results to the publicand Class members. Indeed,
defendants deliberately violated accounting rules and guidelines relating to oil
and gas reserves which resulted in shocking and unprecedented overstatements and
the eventual disclosures which materially affected the market and drove down the
value of the shares held in the Plans' Royal Dutch Stock Fund-all to the
detriment of the Class. On February 19, 2004, Royal Dutch/Shell announced that
the Securities and Exchange Commission had begun a formal investigation into the
Company's surprise restatement of its oil and natural gas reserves.
Plaintiffs allege that defendants are liable under ERISA for such breaches of
fiduciary duty. If you are a participant or beneficiary of this group/class and
would like to join this organized group or receive a package of additional
information, you can receive a copy of the complaint filed in this action from
the Court, or it can be viewed at http://www.scott-scott.com/. You can also
contact Scott + Scott, LLC at 800/332-2259 (Pacific Time).
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and
California, is a law firm with a national practice and reputation. Scott + Scott
has dedicated itself to client communication and satisfaction. The firm is
currently litigating major securities, antitrust and employee retirement plan
cases throughout the United States and represents pension funds, charities,
foundations, individuals and other entities worldwide - both as class and
non-class cases. If you wish to discuss this action with an attorney or have any
questions concerning this notice or your rights, please contact attorney Neil
Rothstein at or by calling 1-800-332- 2259. Scott + Scott, LLC is located at
108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537-
4432.
DATASOURCE: Scott + Scott, LLC
CONTACT: Neil Rothstein of Scott + Scott, LLC, +1-800-332-2259,