UBS Subject of Subprime-Related Lawsuit
Class Action News
[##_1L|1370222128.jpg|width="130" height="130" alt=""|_##]UBS is facing a class action lawsuit, which alleges the financial services company misled investors by issuing materially false and misleading statements about the company's financial condition just two months before it was revealed UBS was planning to write down $10 billion in subprime-related losses. The lawsuit filed by the firm of Coughlin, Stoia, Geller, Rudman & Robbins LLP alleges in a United States District Court that UBS's actions negatively impacted common stockholders who purchased stock between the dates of March 13, 2007 through December 11, 2007.
In a press statement, the firm says, "UBS issued a press release announcing its financial results for the third quarter of 2007. In the days following this announcement, the price of UBS stock declined to as low as $49.27 per share. Then, on December 10, 2007, UBS announced writedowns of around $10 billion as a result of its subprime mortgage related positions. Following this announcement, the price of UBS stock declined to $48.78 per share, a 26% decline from the Class Period high."
Related listings
-
American Tower Settles Class Action Suit
Class Action News 12/16/2007American Tower Corp. said Thursday that it will pay $14 million to settle a consolidated securities class action filed against the company in May 2006 that concerns its historical stock option granting practices and related accounting.The broadcast a...
-
Judge OKs $57.5M Sprint stock settlement
Class Action News 12/13/2007[##_1L|1288012319.jpg|width="130" height="130" alt=""|_##]A state judge on Wednesday approved a $57.5 million settlement that ends a class-action lawsuit against Sprint Nextel Corp. over how it combined its wireless and wireline stocks three years ag...
-
San Jose weighs limits on class-action claims
Class Action News 12/11/2007[##_1L|1291027780.jpg|width="120" height="138" alt=""|_##]The San Jose City Council today will consider new rules for filing claims that a prominent local lawyer says is an attempt to block class actions. "It's very interesting that this proposal is ...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.