Another class action suit was filed against Triton Energy onbehalf of shareholders alleging the company misrepresented thevalue of its assets and prospects for the company. The most recentsuit, filed in U.S. District Court for the Eastern District ofTexas on behalf of those who acquired common stock on or betweenMarch 30 and July 17, says statements by the company and certainexecutives drove its stock price up during the class period.

Triton is an international oil and gas exploration andproduction company focused on large-scale international projectsand exploration opportunities. The company has projects under wayin Latin America and Southeast Asia. It is exploring for oil andgas in these areas, as well as in southern Europe, Africa and theMiddle East. The suit, filed by law firm Milberg Weiss BershadHynes & Lerach, joins about half a dozen others filed againstthe company.

Results for the first six months of 1998 were a loss of $107.3million, or $2.93 per diluted share, ballooning from a loss of$11.5 million, or $0.31 per diluted share a year earlier. At thetime it released earnings, Triton said its restructuring had shedabout 43% of its worldwide work force.

Last month, Thomas G. Finck stepped down as Triton’s chairman,president and CEO “to pursue other interests.” In March Triton saidit would explore “strategic alternatives for maximizing shareholdervalue,” including a possible sale of the company. That move wasaborted at the same time Finck’s resignation was announced.

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