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Veolia facing possible US lawsuit

Waste management giant Veolia says its senior executives are facing a possible US-class action lawsuit.

The company said the possible action relates to allegations executives made “misleading” statements in the firm’s financial statements between 2007 and 2011.

The Financial Times reported that Veolia’s former chief executive Henri Proglio is named in the complaint alongside his successor Antoine Frérot. The company’s current and former finance directors, Pierre-François Riolacci and Thomas Piquemal, were also named.

The complaint is reported to allege that Veolia broke US securities law by overstating financial results. The allegations relate to the firm’s environmental business in Egypt and Morocco.

In an official statement the French company said: “Veolia Environment has become aware that a purported class action complaint has been filed against the company and certain of its current and former officers, in the United States District Court for the Southern District of New York.

“The complaint alleges that certain financial communications of the Company between 2007 and 2011 were misleading, purportedly resulting in violations of Section 10(b) of the US Securities Exchange Act of 1934 and other federal securities laws.

“The complaint has not been served on the company. However, Veolia considers that any allegation that its financial communications may have been misleading is without merit, and the company intends to seek the dismissal of the complaint.”

Veolia has around 65,000 commercial and industrial customers in the UK and employs nearly 12,000 people.

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