FRESNO, Calif. (AP) — Fresno County's employee pension program has filed a lawsuit against a leading international liquor producer whose plunging stock price hurt the program's investments.
The Employees' Retirement Association is suing the Central European Distribution Corporation alleging that misstatements artificially inflated the company's stock price.
A federal judge in New Jersey last week named Fresno's pension program and the Arkansas Public Employees Retirement System as the lead plaintiffs in the class action suit.
The Fresno Bee reports that the Fresno pension program, which oversees a portfolio valued at about $2.7 billion, lost nearly $400,000 because of the company's financial woes.
Company officials denied they deceived investors and attributed the drop in stock prices to a loss of vodka market share in Poland.
The Fresno County association is also suing Facebook, Toyota Motors and Countrywide Financial Corp., among others, over stock price drops.