Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Societe Generale Group
15 March 2008 - 6:00AM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP (�Coughlin Stoia�)
(http://www.csgrr.com/cases/socgen/) today announced that a class
action has been commenced on behalf of an institutional investor in
the United States District Court for the Southern District of New
York on behalf of all purchasers of the American Depositary
Receipts (�ADRs�) and all U.S. residents and citizens who purchased
the stock of Soci�t� G�n�rale Group (�SocGen�) (OTC:SCGLY)
(EPA:GLE) during the period between August 1, 2005 and January 23,
2008 (the �Class Period�). If you wish to serve as lead plaintiff,
you must move the Court no later than 60 days from March 12, 2008.
If you wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact plaintiff�s
counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or
619/231-1058, or via e-mail at djr@csgrr.com. If you are a member
of this class, you can view a copy of the complaint as filed or
join this class action online at
http://www.csgrr.com/cases/socgen/. Any member of the purported
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member. The complaint charges SocGen and certain of its
officers and directors with violations of the Securities Exchange
Act of 1934. SocGen is one of the largest French banking groups,
operating in network banking, retail banking, finance and
investment banking and asset management services worldwide. The
complaint alleges that during the Class Period, defendants made
gross misrepresentations about the value of SocGen�s securities and
the quality of its internal controls and risk management.
Defendants� misrepresentations began to be disclosed on January 24,
2008, when SocGen issued a public statement claiming that a trader
named Jer�me Kerviel (�Kerviel�) had single-handedly risked tens of
billions of euros on behalf of the Company, causing a loss of
almost $7.5 billion, and that the Company�s publicly reported
financial results failed to disclose billions in losses related to
subprime real estate in the U.S. SocGen�s stock price dropped over
$3.00 per share in one day when SocGen�s trading and subprime
losses were disclosed on January 24, 2008. Thereafter, it came to
light that Robert A. Day, a SocGen board member and founder of
Trust Company of the West, in which SocGen owns a major stake, had
secretly disposed of $206 million of SocGen stock owned and/or
controlled by him before SocGen�s balance sheet manipulations were
publicly revealed and long after SocGen�s executives were advised
of the Kerviel trades and perjuries. Plaintiff seeks to recover
damages on behalf of all purchasers of the ADRs and all U.S.
residents and citizens who purchased the stock of SocGen during the
Class Period (the �Class�). The plaintiff is represented by
Coughlin Stoia, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial
fraud. Coughlin Stoia, a 190-lawyer firm with offices in San Diego,
San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken
a leading role in many important actions on behalf of defrauded
investors, consumers, and companies, as well as victims of human
rights violations. The Coughlin Stoia Web site
(http://www.csgrr.com) has more information about the firm.
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