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The Blackstone Group L.P. Summary: According to a press release dated April 15, 2008, a class action has been commenced on behalf of purchasers of the common stock of The Blackstone Group L.Ppursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.
Specifically, the complaint charges Blackstone and certain of its officers and directors with violations of the Securities Act. Blackstone, through its subsidiaries, provides alternative asset management and financial advisory services worldwide.
According to the complaint, on or about June 21, 2007, Blackstone filed with the SEC a Form S-1/A Registration Statement (the “Registration Statement”), for the IPO. On or about June 25, 2007, the Prospectus (the “Prospectus”) with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 133 million shares of Blackstone’s common stock were sold to the public at $31 per share, thereby raising more than $4 billion.
The complaint alleges that the Registration Statement failed to disclose that certain of the Company’s portfolio companies were not performing well and were of declining value and, as a result, Blackstone’s equity investment was impaired and the Company would not generate anticipated performance fees on those investments or would have fees “clawed-back” by limited partners in its funds.
On March 10, 2008, Blackstone issued a press release announcing its financial results for the full year of 2007 and the fourth quarter of 2007, the periods ending December 31, 2007. Among other disclosures, Blackstone announced that it was writing down its investment in Financial Guaranty Insurance Company by $122 million. As of April 15, 2008, Blackstone common stock traded in a range of $17-$17.50 per share, approximately 45% below the IPO price of $31.00 per share.
On September 22, 2009, an Opinion And Order on the Motion to Dismiss Plaintiffs' Consolidated Amended Class Action Complaint was granted. The rationale was based on the plaintiff electing to stand on it pleadings rather than to amend it in the face of Defendant's motion to dismiss as allowed by Individual Practices, Plaintiff's claims are dismissed with prejudice.
INDUSTRY CLASSIFICATION:
SIC Code: 6282
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | The Blackstone Group L.P. |
| COMPANY/ISSUER TICKER: | BX |
| COMPANY WEBSITE: | http://www.blackstone.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Landmen Partners Inc., et al. v. The Blackstone Group L.P., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 4/15/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/25/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Landmen Partners Inc., et al. v. The Blackstone Group L.P., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Amended Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 10/27/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 09/22/2009 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Timothy McAdam, et al. v. The Blackstone Group L.P., et al. | |||
| Type: Complaint | Date on the document: 4/23/2008 | ||
| Class Action Complaint For Violations Of Federal Securities Laws Jury Trial Demanded | |||
| Case Name and/or Number: David B. Galchutt, et al. v. The Blackstone Group L.P., et al. | |||
| Type: Complaint | Date on the document: 5/1/2008 | ||
| Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Case Name and/or Number: Rettino Insurance Agency, et al. v. The Blackstone Group L.P., et al. | |||
| Type: Complaint | Date on the document: 6/16/2008 | ||
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