Replies to post #12 on Lehman Brothers Holdings Inc. (fka LEHCQ)

[PremierStocks]

by accident

I was stalking you and well....you caught me......

[MARKETEDGE]

Pinksheets.com says : Outstanding Shares 4,959,000 as of May 11, 2008 . I'm sure it's not 100% accurate, do you know of a more accurate number?

[MARKETEDGE]

Morgan Stanley targeted in Lehman preferred lawsuit
http://www.marketwatch.com/news/story/morgan-stanley-targeted-lehman-preferred/story.aspx?guid=%7B65940E12%2D5FF7%2D4CAC%2DB493%2D9600B0F3E95C%7D&siteid=rss
By Greg Morcroft
Last update: 4:24 p.m. EDT Oct. 9, 2008Comments: 3
NEW YORK (MarketWatch) -- Morgan Stanley [s; ms] said on Thursday that is the target of a class action lawsuit related to its involvement as an underwriter of a preferred share offering for Lehman Bros. earlier this year. "The complaint alleges that the offering documents for this offering contained material misstatements and missions and asserts claims against the company under Section 11 of the Securities Act of 1933, as amended," Morgan Stanley said in quarterly report filed with the SEC on Thursday. The company also said that although it believes it has raised all the capital it needs through the end of the year, that, "to the extent we are not able to access the debt markets on acceptable terms in the future, we may increase our use of deposit funding and other funding sources generally available to a financial holding company, and/or may seek to raise funding and capital through equity issuance."

[MARKETEDGE]

I wonder which preferred they are speaking about.

http://www.reuters.com/articlePrint?articleId=USN2553310420080925

Investor in Lehman preferred stock sues for fraud
Thu Sep 25, 2008 6:01pm EDT
By Martha Graybow

NEW YORK (Reuters) - An asset manager has sued a group of Wall Street firms that underwrote a $1.9 billion Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) preferred stock offering in February, accusing them of misleading investors about Lehman's financial health.

Lehman itself was not named as a defendant in the lawsuit because it is in bankruptcy protection, though Chairman and Chief Executive Richard Fuld and several other Lehman directors were named as individual defendants. Lehman filed for Chapter 11 bankruptcy on Sept. 15.

The lawsuit, filed on Wednesday in U.S. District Court in Manhattan by institutional investors Fogel Capital Management, contends that investors who bought the preferred stock were misled about the risks of investing in Lehman. The suit seeks class-action status.

Defendants include subsidiaries of Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research, Stock Buzz) and several other firms that underwrote the offering, the lawsuit said. Representatives of Bank of America, Citi and Merrill declined to comment.

A Lehman spokesman said that the firm believed the lawsuit was without merit and "we will defend against it vigorously."

The Lehman Preferred Series "J" stock offering, issued on Feb. 5, was worth $1.9 billion, with nearly 76 million shares sold at $25 each, according to the lawsuit. It said the underwriters got about $59 million in fees.

The stock has tumbled from a high of $25.55 to only 10 cents now, the lawsuit said. Gregory Nespole, a lawyer for Fogel Capital, said his client had lost hundreds of thousands of dollars on its investment.

The lawsuit contends that the prospectus issued ahead of the offering was false and misleading because it did not reveal Lehman's significant exposure to the subprime mortgage market, and also did not disclose that Lehman was in desperate need of capital because of deteriorating market conditions and rapidly falling values of its assets.

(Reporting by Martha Graybow; editing by John Wallace, Bernard Orr)