September 16, 2006 |
German-American automaker DaimlerChrysler unexpectedly cut its full-year profit forecast Friday because of a projected $1.5-billion third-quarter loss at its U.S.-based Chrysler Group. Its shares suffered their biggest loss in more than three years. For the full year, DaimlerChrysler expects to post an operating profit of about 5 billion euros ($6.3 billion), compared with an earlier forecast of more than 6 billion euros.
July 9, 2005 |
A federal judge approved Dynegy Inc.'s $468-million settlement, announced April 15, of a shareholder lawsuit accusing the company of accounting misdeeds. The agreement with plaintiffs led by the University of California was the ninth-largest settlement of a class-action securities fraud case in the U.S. The settlement will be paid with $150 million from its directors' and officers' insurance policies, $250 million in cash and $68 million from the issuance of stock, Dynegy said in April.
June 28, 2005 |
The U.S. Supreme Court refused Monday to revive a lawsuit that accused Dynegy Inc., Duke Energy Corp. and other power companies of fixing electricity prices in California during the state's 2000-01 energy crisis. The justices let stand a federal appeals court decision rejecting the suit by Washington state's Snohomish County Public Utility District. The justices made no comment, turning away the utility district's appeal as part of a list of orders issued.
May 10, 2005 |
Energy marketer Dynegy Inc. reported a first-quarter loss Monday on hefty charges associated with the settlement of shareholder litigation and said it was seeking to sell its natural gas processing and liquids business this year. The company's stock jumped 13%. The company's loss totaled $267 million, or 70 cents a share, contrasted with profit of $65 million, or 14 cents, a year earlier. The latest results include a $156-million charge related to last month's litigation settlement.
April 16, 2005 |
Dynegy Inc., owner of power plants in 12 states, said Friday that it would pay $468 million to settle shareholder charges that it misled investors by disguising loans as energy trades in 2001. The agreement with plaintiffs led by the University of California is the ninth-largest settlement in a U.S. securities fraud case, according to data compiled by Bloomberg News.
December 24, 2004 |
Dynegy Inc. and NRG Energy Inc. on Thursday won the California Energy Commission's approval to build two generators at an El Segundo power plant. The 630-megawatt expansion will replace two gas turbines that the companies shut down because they were too costly to operate, said David Byford, a Dynegy spokesman. The project will take four years to complete once construction begins, he said. "Before we begin construction, we would need to enter a long-term contract," Byford said.