Horizon Lines Acknowledges Suit
Horizon Lines, Inc. announced on Jan. 2 that it has been named as a defendant in a securities class action lawsuit in the United States District Court for the District of Delaware purportedly on behalf of purchasers of the Company's common stock during the period from March 2, 2007 through April 25, 2008. The Chief Executive Officer of the Company, as well as several former employees of the company, were also named as defendants.
The complaint alleges, among other things, that the company made material misstatements and omissions in connection with alleged price-fixing in the company's shipping business in Puerto Rico in violation of antitrust laws.
The company is unable to predict the outcome of the lawsuit; however, the Company believes that it has appropriate disclosure practices and intends to vigorously defend against the lawsuit.