HARTFORD, Conn., March 28, 2008 LAWFUEL — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the Southern District of Texas on behalf of all
persons who purchased the common stock of TETRA Technologies, Inc.
(“TETRA” or the “Company”) (NYSE:TTI) between January 3, 2007 and
October 16, 2007, inclusive (the “Class Period”).
The Complaint charges that TETRA and certain of its officers and
directors violated federal securities laws. Specifically, the Complaint
alleges that Defendants issued materially false and misleading
statements and failed to disclose the following adverse facts which
were known to defendants or recklessly disregarded by them: (i) that
the Company’s Well Abandonment and Decommissioning (“WA&D”) division
was not performing according to internal expectations; (ii) that the
Company failed to timely take a charge for insurance receivables which
remain uncollected; and (iii) as a result of the foregoing, defendants
lacked a reasonable basis for their positive statements about the
Company and its prospects.
On August 3, 2007, the Company announced its financial results for the
second quarter of 2007 and reduced its full year 2007 earnings guidance
because of, among other things, poor profits at its WA&D services.
Shares of TETRA stock fell 25% following this announcement. Then, on
October 16, 2007, TETRA issued a press release announcing that it was
withdrawing its previously estimated full year 2007 earnings guidance
because of, among other things, the Company’s concern that it would
have to take a charge to earnings for substantial uncollected insurance
receivables. In response to this announcement, the price of TETRA
common stock fell an additional $1.76 per share, or approximately 8%,
to close at $19.86 per share.
If you are a member of the class, you may, no later than May 27, 2008,
request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
