Frontline Reg FD Challenged

Frontline Limited (NYSE:FRO) reported quarterly results with a fairly skimpy press release issued through Marketwire on May 28, 2009 01:59 ET. They had an interesting way of describing comparable results essentially using the word equivalent instead of comparable. This creates confusion. Read this quote from their earnings release

“The Board of Frontline Ltd. (the "Company" or "Frontline") announces net income of $76.6 million for the first quarter of 2009, equivalent to earnings per share of $0.98 compared with net income of $51.6 million for the fourth quarter of 2008, equivalent to earnings per share of $0.66. Net operating income for the quarter was $111.0 million compared with $115.3 million in the fourth quarter of 2008.”

The release continues to deal with a few basic items. Then you go to the conference call transcript and learn about
1. Cash Break even rates on a daily basis
2. Details on cancellations in the newbuilding program
3. China has increased their rate of oil consumption which has impacted operations

All these points are critical but were left out of the press release. Therefore the press release is Reg FD challenged. But these guy’s operate from Hamilton Bermuda. Class action lawsuit; but how?