Robbins Geller Rudman & Dowd LLP Files Class Action Suit against UBS..
June 22, 2012 05:00 PM Eastern Daylight Time
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against UBS AG
SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (www.rgrdlaw.com/cases/ubsag/
) 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 purchasers on any U.S. exchange, or where title passed within the United States, of UBS AG ("UBS") (NYSE:UBS) publicly traded securities during the period between March 15, 2011 and September 15, 2011 (the "Class Period").
'we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively'
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. 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 Robbins Geller at 800/449-4900 or
619/231-1058, or via e-mail at (firstname.lastname@example.org)
. 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 www.rgrdlaw.com/cases/ubsag/
. Any member of the putative 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 UBS and certain of its former officers and directors with violations of the Securities Exchange Act of 1934. UBS is a global financial services company.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding UBS's disclosure controls, procedures and internal controls over financial reporting, stating that these controls and procedures were effective when, in fact, they were not.
This became apparent on September 15, 2011, when UBS disclosed that a supposed rogue trader, Kweku Adoboli ("Adoboli"), had engaged in unauthorized trades on behalf of UBS that resulted in losses of $2.3 billion. As a result of this disclosure, the price of UBS stock dropped over 10% in a
single day. Subsequently, defendants stated in an SEC filing that "we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively" and "our previous evaluation stating that our
disclosure controls and procedures were effective on 31 December 2010 . . . should no longer be relied upon."
On January 30, 2012, The Wall Street Journal reported that British and Swiss regulators were likely to begin enforcement proceedings against UBS for the gaps in oversight that had allowed Adoboli to make the trades at issue. On that same day, Adoboli pleaded not guilty to criminal charges in
Plaintiff seeks to recover damages on behalf of all purchasers on any U.S. exchange, or where title passed within the United States, of UBS publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting
investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in nine offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of
$1.5 trillion. The firm has obtained the largest recoveries in history in six of the eight categories of shareholder class action settlements and has been ranked number one in the number of shareholder class action recoveries in MSCI's Top SCAS 50 every year since 2003. According to
Cornerstone Research, the firm's recoveries have averaged 35% above the median for all firms over the past seven years (2005-2011). Please visit www.rgrdlaw.com
for more information.
Robbins Geller Rudman & Dowd LLP
800-449-4900 or 619-231-1058