A class action lawsuit has been filed by VeraSun stockholders, claiming company executives were untruthful about the financial state of the company when it offered 20 million shares of common stock for sale on Sept. 16, 2008. VeraSun declared bankruptcy the following month and nearly all company assets have since been sold at auction, according to The Brock Report.
The lawsuit alleges that in a public statement VeraSun officials told investors they “do not speculate on the price of corn or ethanol.” But the lawsuit claims the defendants “engaged in highly risky commodity transactions and speculated on their view of the future price of corn in hopes of reaping significant financial gain.”