FedEx Corp. (NYSE:FDX) threw the switch today to activate California’s largest corporate solar-power installation during a dedication ceremony at its hub at Oakland International Airport. The solar-power installation will fuel 80 percent of the hub facility’s energy needs, substituting the sun for fossil fuel and other sources of electricity. At peak output, the system will produce the equivalent of power used by more than 900 homes during the daytime. In addition to generating electricity, the solar panels help insulate the buildings, reducing heating and cooling costs. “The solar-electric system at our Oakland hub powers one of our major FedEx Express hubs, which handles more than 260,000 packages daily and serves as a major gateway for shipments to and from Asia,” said Mitch Jackson, managing director, corporate and international environmental programs, FedEx Express. The system will reduce demand on the utility grid and will serve as an additional source of power capacity to benefit businesses and residents of California. During periods when the energy generated by the system is greater than is needed to power the facility, the surplus energy will be transferred into the utility grid for general use. Berkeley-based PowerLight Corporation, a leading manufacturer and supplier of large-scale solar […]

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Shareholder Class Action Suit Filed Against Trex Company, Inc.

Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the Western District of Virginia on behalf of shareholders who purchased or otherwise acquired the securities of Trex Company, Inc. (NYSE:TWP) between October 25, 2004 and June 22, 2005, inclusive (the “Class Period”). Trex, Robert G. Matheny, and Paul D. Fletcher are named as defendants. The complaint alleges that defendants’ Class Period representations regarding Trex were materially false and misleading when made for the following reasons: (1) that the expected re-orders of inventory were not materializing, as Trex distributors worked to dispose of excess inventory; (2) that the expansion of the Company’s distribution program with The Home Depot materially slowed due to delays in rolling out the Company’s products; (3) that the Company cost cutting initiatives failed to limit the impact of higher raw material costs; (4) that there were manufacturing issues with the Artisan and Brasilia rail lines; and (5) that as a consequence of the foregoing, defendants’ positive statements about the Company’s growth and progress lacked in any reasonable basis when made. On June 22, 2005, Trex announced that the Company expected a substantial loss for the quarter and guided […]

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