Izard Nobel LLP Announces Class Action Lawsuit Against Century Aluminum Company

HARTFORD, CT--(MARKET WIRE)--Mar 16, 2009 -- The law firm of Izard Nobel LLP, 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 Northern District of California on behalf of those who purchased or acquired shares of Century Aluminum Company ("Century Aluminum" or the "Company") (NasdaqGS:CENX - News) pursuant and/or traceable to the Company's January 28, 2009 Secondary Offering (the "Secondary Offering"). The Complaint charges that Century Aluminum and certain of its officers, directors, and underwriters violated federal securities laws by issuing a materially false registration statement and prospectus ("Registration Statement") in connection with the Secondary Offering. Specifically, the Complaint alleges that the Registration Statement failed to disclose that the Company had reported cash flows associated with the termination of forward financial sales contracts by issuing $929 million of Series A Convertible Preferred Stock in July 2008 on a net basis, as an operating activity, when the transaction should have been reported on a gross basis as both an operating activity and a financing activity to reflect the cash receipts and disbursements associated with the transaction. On March 2, 2009, Century Aluminum filed an interim 8-K which reported that the financial statements reported in the Form 10-Q for three quarters in 2008 should no longer be relied upon. On this news, the price of Century Aluminum fell over 24% to close at $1.67 per share. If you are a member of the class, you may, no later than May 8, 2009, 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.