I sense several Lawsuits about to happen.
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KLAHOMA CITY, OK, Mar 25, 2008 (MARKET WIRE via COMTEX) -- On March 25, 2008,
Federman & Sherwood filed a securities class action lawsuit was filed in the
United States District Court for the Southern District of New York against The
Bear Stearns Companies, Inc. (NYSE: BSC) and certain officers and directors. The
Complaint alleges violations of federal securities laws, Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including
allegations of issuing a series of material misrepresentations to the market
which had the effect of artificially inflating the market price of the stock.
The class period is from March 12, 2008 through March 14, 2008. This is a
different class period than other lawsuits against Bear Stearns.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member
of the Class as described above, you may move the Court no later than Friday,
May 16, 2008, to serve as a lead plaintiff for the Class. However, in order to
do so, you must meet certain legal requirements pursuant to the Private
Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or
have any questions or concerns regarding this notice or preservation of your
rights please contact:
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News for 'BSC' - (=DJ Michigan Pensions Consider Injunction To Stop Sale Of Bear)
By Marshall Eckblad
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A legal challenge to JPMorgan Chase & Co.'s (JPM) controversial bid to buy Bear Stearns Cos. (BSC) may come not from disgruntled Bear employees, but from Michigan civil servants.
According to an attorney for the Police and Fire Retirement System of the City of Detroit, the pension fund is deciding whether to ask a Delaware court for a temporary restraining order to prevent JPMorgan from all but clinching the deal in early April.
"We are considering moving for a temporary restraining order," said Daniel Krasner, a senior partner at Wolf Haldenstein Adler Freeman & Herz, a New York-based law firm. Krasner said the Detroit pension, which provides retirement and death benefits for the city's police- and fire-department employees, is also coordinating its efforts with the Wayne County Employees' Retirement System, another pension in Michigan.
An attorney for the Wayne County pension could not immediately be reached.
Bear Stearns shareholders have been crying foul for more than a week, since JPMorgan signed a fire-sale deal to buy Bear Stearns, then on the brink of collapse, for $2 a share. The Wall Street investment bank's shares had been trading above $79 as late as March 3.
JPMorgan upped its bid to $10 a share on Monday in the face of protests from shareholders, many of whom have vowed to vote against the deal.
If the two pensions do decide to file suit and ask for a restraining order, they'll have to act quickly.
JPMorgan said Monday that it has a deal in place to purchase 39.5% of Bear Stearns stock around April 8. That purchase will likely mark a watershed moment in the deal, since according to many market observers, such a large stock purchase by JPMorgan would all but seal the New York bank's purchase of beleaguered Bear Stearns.
Under the proposed deal, Bear Stearns shareholders would be allowed to vote on the bid only after JPMorgan's stock purchase, which would all but give JPMorgan a controlling interest in the Wall Street investment bank.
Bear Stearns's board of directors has already pledged to vote in favor of the deal, and the combined voting interest of the board's shares and the shares that JPMorgan plans to buy would leave the proposal only a small number of votes short of passing.
-By Marshall Eckblad, Dow Jones Newswires; 201-938-4306; marshall.eckblad@dowjones.com
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News for 'BSC' - (Law Offices of Brodsky & Smith, LLC Announces Class Action Lawsuit on Behalf of Bear Stearns' Employees for ERISA Violations)
BALA CYNWYD, PA, Mar 25, 2008 (MARKET WIRE via COMTEX) -- Law offices of
Brodsky & Smith, LLC announces that a class action lawsuit has been filed on
behalf of The Bear Stearns Companies' (NYSE: BSC) ("Bear Stearns" or the
"Company") current and former employees, alleging the company violated ERISA
laws concerning the management of the Employee Stock Ownership Plan (the "ESOP"
or the "Plan") from December 14, 2006 through the present (the "Class Period").
The class action lawsuit was filed in the United States District Court for the
Southern District of New York.
The Complaint alleges that Bear Stearns and certain of its officers and
directors allowed the imprudent investment of the Plan's assets/participants'
retirement savings in Bear Stearns equity throughout the Class Period, despite
the fact that they clearly knew or should have known that such investment was
imprudent. Specifically, the Company failed to manage the Plan's investments to
prevent the Plan's sole investment in Bear Stearns stock and continued to
maintain Bear Stearns stock as the Plan's sole investment when it was no longer
suitable for participants' retirement savings.
No class has yet been certified in the above action. Until a class is certified,
you are not represented by counsel unless you retain one. If you are a current
or former employee of Bear Stearns, who held Bear Stearns stock through the
Plan, you have certain rights. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. If you want to
discuss your legal rights, you may e-mail or call the law office of Brodsky &
Smith, LLC who will, without obligation or cost to you, attempt to answer your
questions. You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire
at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by
e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
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