In 1998, the executives of Dallas-based Triton Energy Limited announced that they were putting their company up for sale. Over a twelve-month period, the Company made numerous public statements regarding the success of the sales process. The Company also stated that interest from potential buyers was substantial and that it was likely that the entire Company would be sold for a premium price. In reaction to these statements, investors poured millions of dollars of their hard-earned savings into Triton’s common stock. Unfortunately, the Company’s statements were false and, as a result, investors lost millions.
Nix, Patterson was appointed as Co-Lead Counsel for the class of investors damaged by the Company’s fraud in a securities fraud class action under the Securities Exchange Act of 1934. The firm obtained a recovery of $49.5 million for the class. This recovery is believed to be the largest recovery ever obtained in a securities fraud class action in the United States District Court for the Eastern District of Texas, Texarkana Division.
The class was represented by NP partners Bradley Beckworth, Jeffrey Angelovich, and Susan Whatley.