Milberg LLP Announces Its Investigation on Behalf of Investors Of Auction Rate Securities Offered By Major Broker-Dealers
NEW YORK, April 21, 2008 (PRIME NEWSWIRE) — Attorney Advertising. The law firm of Milberg LLP announces that it is investigating possible illegal conduct as alleged in proposed class action lawsuits filed against major broker-dealers. The complaints allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities traded. The lawsuits are on behalf of all purchasers of Auction Rate Securities offered by the various broker-dealers who bought the securities during the class periods referenced in the chart below and continued to hold them as of February 13, 2008.
---------------------------------------------------------------------- Lead Broker-Dealer Ticker Class Period Jurisdiction Plaintiff ------------- ------ ------------ ------------ Deadline ---------------------------------------------------------------------- Citigroup, Inc. (NYSE:C) March 26, 2003 Southern May 27, 2008 and Citigroup through District Global Markets, February 13, of New Inc. 2008 York ---------------------------------------------------------------------- Deutsche Bank AG (NYSE:DB) March 17, 2003 Southern May 16,2008 and Deutsche Bank through District Securities, Inc. February 13, of New 2008 York ---------------------------------------------------------------------- E-Trade Financial (Nasdaq:ETFC) April 2, 2003 Southern June 2, 2008 Corporation and through District E-Trade Securities February 13, of New LLC 2008 York ---------------------------------------------------------------------- Goldman Sachs (NYSE:GS) March 25, 2003 Southern June 17, 2008 Group, Inc. and through District Goldman, Sachs & February 13, of New Co. 2008 York ---------------------------------------------------------------------- Merrill Lynch & (NYSE:MER) March 25, 2003 Southern May 26, 2008 Co., Inc. and through District Merrill Lynch, February 13, of New Pierce, Fenner 2008 York & Smith Inc. ---------------------------------------------------------------------- Morgan Stanley (NYSE:MS) March 25, 2003 Southern May 27, 2008 and Morgan Stanley through District & Co., Inc. February 13, of New 2008 York ---------------------------------------------------------------------- Oppenheimer & Co. (NYSE:OPY) April 9, 2003 Southern June 10, Inc., Freedom through District 2008 Investments Inc., February 13, of New Oppenheimer Asset 2008 York Management and Oppenheimer Holdings Inc. ---------------------------------------------------------------------- Raymond James (NYSE:RJF) April 8, 2003 Southern June 9, 2008 Financial, Inc., through District Raymond James & February 13, of New Associates, Inc. 2008 York and Raymond James Financial Services, Inc. ---------------------------------------------------------------------- TD Ameritrade (Nasdaq:AMTD) March 19, Southern May 19, 2008 Holding Corporation 2003 through District and TD Ameritrade, February 13, of New Inc. f.k.a. TD 2008 York Waterhouse Investor Services, Inc. ---------------------------------------------------------------------- UBS AG, UBS (NYSE:UBS) March 21, 2003 Southern May 20, 2008 Securities LLC through District and UBS Financial February 13, of New Services, Inc. 2008 York ---------------------------------------------------------------------- Wachovia (NYSE:WB) March 19, 2003 Southern May 19, 2008 Corporation and through District Wachovia February 13, of New Securities, LLC 2008 York ---------------------------------------------------------------------- Wells Fargo & Co. (NYSE:WFC) April 14, 2003 Northern June 13, and Wells Fargo through District 2008 Investments, LLC February 13, of 2008 California ----------------------------------------------------------------------
The complaints in the above-referenced actions allege that these broker-dealers offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles, even labeling them as “cash equivalents” and as suitable alternatives to money market mutual funds. However, on February 13, 2008, major broker-dealers made a decision to “withdraw their support” for the periodic auctions at which the interest rates paid on Auction Rate Securities are set. Since that time, many holders of Auction Rate Securities offered by these broker-dealers have been unable to liquidate their positions.
If you purchased Auction Rate Securities from a broker-dealer during the class period referenced in the chart above, and continued to hold such securities as of February 13, 2008, you may, no later than the respective Lead Plaintiff deadline, request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg LLP, or other attorneys, to serve as your counsel in this action.
Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Lori G. Feldman Anita B. Kartalopoulos Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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CONTACT: Milberg LLP Lori G. Feldman Anita B. Kartalopoulos (800) 320-5081