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Case ID: 5218 | Stocks | 11/12/2008
According to a press release dated November 7, 2008, the lawsuit asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933. The Complaint alleges that defendants made misstatements and omissions of material fact relating to an investment in Lehman Principal Protection Notes and deceived investors as to the risks of investing in those Notes. The Complaint further alleges that UBS offered and sold Lehman Principal Protection Notes as suitable for investors seeking to protect their entire principal investment.
According to the Complaint, holders of Lehman Principal Protection Notes sold by UBS and other broker-dealers learned, following Lehman Brothers’ bankruptcy filing on September 15, 2008, that their Notes are in default and they are now senior unsecured creditors in Lehman’s bankruptcy proceeding, and may stand to lose all or substantially all of their principal investments.
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 Mercury Interactive Corporation (MERQE), certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 2003 and July 5, 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. Internet service companies are more necessary than ever in today’s high-tech economy. Several class actions have been filed against the officers and directors of telecommunications networking equipment provider Redback Networks, Inc. (Nasdaq: RBAKQ) by stockholders who purchased the company's common stock between April 12, 2000, and October 10, 2003. 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. McKesson Corporation, a drug distributor embroiled in an accounting-fraud case since 1999, announced on January 12, 2005 that it has agreed to pay $960 million to settle a class-action shareholder lawsuit. The lawsuit was filed in April 1999, shortly after the company disclosed that its software subsidiary, HBOC, had prematurely booked $40 million in revenue, forcing an earnings restatement. On the day of the disclosure, McKesson's shares plummeted 47%, losing $8.6 billion in value. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing. No hearing has been scheduled at this time. A class action has been filed against Star Gas, LP (NYSE: SGU) and certain of its officers and directors by stockholders who purchased the company’s common stock between December 4, 2003 and October 18, 2004. 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. The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. A class action has been filed in the Western District Court of Oklahoma against Dobson Communications, a wireless communications services provider, (NASDAQ: DCEL) and certain of its officers and directors by stockholders who purchased the company's common stock between May 19, 2003 and August 9, 2004. 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. |
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