Louisiana School Employees Retirement System, Baton Rouge, has filed a class-action lawsuit against Waste Management Inc. and certain officers and directors of the company, according to a spokesman at the funds counsel, Bernstein Litowitz Berger & Grossmann. According to the complaint filed by the $1.4 billion pension fund, Waste Management overstated its publicly reported financial results and made numerous materially false and misleading statements concerning the companys operating condition. On Aug. 16, Waste Management restated its financial results for the first quarter by reducing operating income by $30 million to correct misstatements in the Form 10-Q filed for the quarter. John E. Drury, former Waste Management CEO and director; Earl E. DeFrates, former executive vice president and CFO; Rodney R. Proto, former president and COO; and Bruce Snyder, vice president and chief accounting officer, are named in the suit, which alleges that the officers engaged in unlawful activity for the purpose of inflating the price of Waste Management common stock in order to profit from the sale of their equity stakes in the company. Messrs. Drury, Proto and DeFrates have since left the company. The complaint also alleges that the individual defendants profited from selling more than 1.3 million shares of stock valued at $72 million. The fund is seeking the lead plaintiff role in the case and is encouraging all investors that suffered significant losses on purchases of Waste Management common stock between Feb. 25 and Aug. 2 to join the suit. The loss the pension fund actually incurred was in the low millions, according to a spokesman at the law firm.