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MBIA, Inc. Summary: According to a press release dated January 11, 2008, the Complaint alleges that during the Class Period, MBIA and the individual defendants, Chief Executive Officer and Chief Financial Officer, violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the SEC and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Defendants misrepresented and/or failed to disclose the true extent of MBIA's exposure to losses stemming from MBIA's insurance of residential mortgage-backed securities ("RMBS"), including in particular its exposure to so-called "CDO-squared" securities that are backed by RMBS. This highly risky exposure was belatedly disclosed in a series of public statements beginning on December 19, 2007 and ending on January 9, 2008, the last day of the Class Period. One analyst observed that MBIA had withheld from the public the riskiest parts of its insured portfolio, while others expressed similar dismay at MBIA's failure to apprise investors of these risks in a timely manner.
The Complaint alleges that the Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder and that [individual] Defendants violated Section 20(a) of the Exchange Act.
INDUSTRY CLASSIFICATION:
SIC Code: 6351
Sector: Financial
Industry: Insurance (Prop. & Casualty)
| COMPANY/ISSUER NAME: | MBIA, Inc. |
| COMPANY/ISSUER TICKER: | MBI |
| COMPANY WEBSITE: | http://www.mbia.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Steven Schmalz, et al. v. MBIA, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 01/11/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Teamsters Local 807 Labor Management Pension Fund, et al. v. MBIA, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/25/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Gary Kosseff, et al. v. MBIA, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/06/2008 | ||
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