A group of American shareholders of Mechel sued the company, accusing it of fraud

A group of American shareholders of OJSC "Mechel" sued the company, accusing it of fraud. Reported

Reiter.

In a statement the group representing the interests of shareholders Dina Fredrik sent on April 8, the court of Southern District of New York, indicated that the company committed fraud by failure of sufficient information on its activities in 2008

In particular, the shareholders believe that the "Mechel" hides some information about the ongoing investigation against him in Russia, possible fines and reduction of revenues.

The statement indicates that relating to the period of investigation and imposition of penalty on the "Mechel" company's financial reporting was essentially false and misleading. "

The plaintiffs in the case were the shareholders of Mechel, purchasing shares of the company during the period 3 October 2007 to 25 July 2008.

As previously reported, the Federal Antimonopoly Service of Russia (FAS) in August 2008, fined Mechel "for breach of competition law to 797.7 million rubles, or 5% of turnover in the market of coking coal, and ordered in 2009 to provide long-term contracts supply of coal for a period of not less than three years. It was also prescribed to reduce the prices of coking coal by 15% in September-December 2008.

Recall that shares in OAO "Mechel" in the form of American Depository Receipts (ADR) traded on the New York Stock Exchange (NYSE), of the shares traded on the RTS. The main beneficiary of "Mechel" is the company's director, Igor Zyuzin.