Pursuant to Section 21D(a)(3)(A)(i) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78u-4(a)(3)(A)(i)), notice is given that a class action has been filed in which claims are asserted on behalf of all persons or entities who purchased or otherwise acquired City of Menasha, Calumet and Winnebago Counties, Wisconsin, ("Menasha") $12,660,000 Taxable Steam Utility Revenue Bond Anticipation Notes, CUSIP Number 586499AA3, due September 1, 2009 (the "2005 BANs") from February 1, 2005 to September 1, 2009 (the "2005 BANs Class Period"), and/or Menasha $11,500,000 Taxable Steam Utility Revenue Bond Anticipation Notes, CUSIP Number 586499AB1, due September 1, 2009 (the "2006 BANs") from December 1, 2006 to September 1, 2009 (the "2006 BANs Class Period). Purchasers or holders of the 2005 BANs issued by Menasha are referred to herein as the "2005 Class," and purchasers or holders of the 2006 BANs issued by Menasha are referred to herein as the "2006 Class." The case caption is The Lafayette Life Insurance Company, et al., v. City of Menasha, Wisconsin, et al., docket number 4:08CV0064, and is pending before the Honorable Judge Theresa L. Springmann in the U.S. District Court for the Northern District of Indiana, Hammond Division (Lafayette), 230 North Fourth Street, Lafayette, Indiana 47901.
The complaint asserts claims under section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and Rule 10b-5 (17 C.F.R. Section 240.10b-5), on behalf of purchasers or holders of the 2005 and/or 2006 BANs during their respective Class Periods. These claims allege that Defendants intentionally or with extreme recklessness misrepresented the truth about the following matters: (1) the viability and terms of Steam Supply Agreements Defendants purportedly had in place; (2) Defendants' ability to repay the 2005 BANs and the 2006 BANs as they became due; (3) the total cost of the steam utility project; (4) Menasha's ability and commitment to issuing bonds or appropriate other funds to pay the 2005 BANs and 2006 BANs; and (5) representations regarding existing contracts, environmental permits and approvals. As a result of these material misrepresentations, the repayment obligations included in the 2005 BANs and 2006 BANs were never satisfied and the Plaintiffs suffered damages therefrom.
In addition to the federal securities claims asserted, the complaint also asserts on behalf of the holders of the 2005 and 2006 BANs the following state law claims against the Defendants: (1) violation of various states' securities laws; (2) breach of contract; (3) common law fraud; (4) negligent misrepresentation; (5) unjust enrichment; (6) breach of fiduciary duty; (7) theft by virtue of business; (8) fraudulent transfer; (9) request for accounting of funds; (10) promissory estoppel; and (11) unlawful taking in violation of Article I of the Wisconsin Constitution.
Plaintiffs seek to recover damages on behalf of all class members and are represented by Ice Miller LLP, of Indianapolis, Indiana. If you purchased or acquired the 2005 or 2006 BANs during their respective Class Periods you may, not later than 60 days from the date hereof, move the Court to serve as a lead plaintiff, pursuant to Section 21D(a)(3) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78u-4(a)(3)). If you are a holder of the 2005 or 2006 BANs and would like more information about this litigation or your rights as a potential class member, please contact: Michael A. Wukmer, Ice Miller LLP at (317) 236-2439, michael.wukmer@icemiller.com, or http://www.icemiller.com.
Contacts:
Ice Miller LLP
Michael A. Wukmer, 317-236-2439
michael.wukmer@icemiller.com
