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Case ID: 5093 | Stocks | 07/18/2008
According to a press release dated April 15, 2008, a class action has been commenced on behalf of purchasers of the common stock of The Blackstone Group L.Ppursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.
Specifically, the complaint charges Blackstone and certain of its officers and directors with violations of the Securities Act. Blackstone, through its subsidiaries, provides alternative asset management and financial advisory services worldwide. According to the complaint, on or about June 21, 2007, Blackstone filed with the SEC a Form S-1/A Registration Statement (the “Registration Statement”), for the IPO. On or about June 25, 2007, the Prospectus (the “Prospectus”) with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 133 million shares of Blackstone’s common stock were sold to the public at $31 per share, thereby raising more than $4 billion. The complaint alleges that the Registration Statement failed to disclose that certain of the Company’s portfolio companies were not performing well and were of declining value and, as a result, Blackstone’s equity investment was impaired and the Company would not generate anticipated performance fees on those investments or would have fees “clawed-back” by limited partners in its funds. On March 10, 2008, Blackstone issued a press release announcing its financial results for the full year of 2007 and the fourth quarter of 2007, the periods ending December 31, 2007. Among other disclosures, Blackstone announced that it was writing down its investment in Financial Guaranty Insurance Company by $122 million. As of April 15, 2008, Blackstone common stock traded in a range of $17-$17.50 per share, approximately 45% below the IPO price of $31.00 per share.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Ionatron, Inc. (IOTN), certain of its officers and directors by stockholders who purchased the company's common stock between June 27, 2005 and May 10, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against NVE Corporation (NVEC), certain of its officers and directors by stockholders who purchased the company's common stock between May 22, 2003 and February 11, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Spectrum Brands, Inc. (SPC), certain of its officers and directors by stockholders who purchased the company's common stock between January 4, 2005 and September 6, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a law firm press release, on May 12, 2008 a class action lawsuit was against MGIC Investment Corporation. On May 12, 2008, a motion to consolidate cases, to appoint lead plaintiffs and for the approval of the selection of lead counsels was filed by City of Fort Myers Police Officers' Retirement System.
Several class actions have been filed against wireless carrier US Unwired, Inc. (OTC BB:UNWR.OB), and certain of its officers and directors by stockholders who purchased the company's common stock between May 23, 2000, and August 13, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. |
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