Societe Generale (SocGen) - Securities Class Action

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

Societe Generale (SocGen) Summary: A lawsuit was filed on behalf of all purchasers of American Depository Receipts (“ADRs”) of Société Générale (SocGen) (OTC:SCGLY - News), traded on the over the counter market, and all U.S. purchasers of SocGen’s shares on overseas exchanges during the Class Period. Specifically, the complaint charges that SocGen violated the Securities Exchange Act of 1934 by misleading investors regarding its activities and exposure in the subprime mortgage markets, and its lack of sufficient internal controls and failure to act on information it had regarding the highly irregular and unauthorized trades by its Delta One derivative trading desk, handled by junior trader Jerome Kerviel. The case also involves alleged insider trading by SocGen’s top U.S. executive and board member, Robert A. Day. Specifically, the complaint charges that during the Class Period SocGen: (1) made false and misleading statements and concealed material adverse information regarding SocGen’s exposure to subprime loans, collateralized debt obligations (“CDOs”) and SocGen’s internal controls; (2) touted SocGen’s conservative management, risk control, and expertise in risk analysis and structured finance, including CDO vehicles; (3) misled investors by announcing that it had “very little exposure” to the subprime segment; and (4) ignored or failed to act upon numerous alerts which should have led to the uncovering of Jerome Kerviel’s massive irregular trading activity from 2005 through early 2008.

The Complaint further alleges that the result of this fraudulent activity was that SocGen had to take write downs of close to $4 billion relating to the subprime market, and $7 billion in losses due to the highly risky and irregular trading by Kerviel, which caused a dramatic drop in share price and significant losses to investors.

On June 27, 2008, the Court entered the Order signed by U.S. District Judge Gerard E. Lynch consolidating three actions under In re Société Générale Securities Litigation, case number 08cv2495. At the same time, a motion to appoint lead plaintiffs and the approval of lead counsels was filed by several individuals. On August 12, 2008, U.S. District Judge Gerard E. Lynch granted the motion to appoint the Vermont Pension Investment Committee as lead plaintiff and approved lead plaintiff's selection of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. Lead plaintiff shall file and serve its consolidated amended complaint no later than October 7, 2008.

On October 17, 2008, the lead plaintiff filed a First Amended and Consolidated Complaint. On December 18, 2008, the defendants filed motions to dismiss the First Amended and Consolidated Complaint. On January 8, 2010, a Second Amended Complaint was filed. On April 15, 2010, the defendants filed a motion to dismiss the Second Amended Complaint, and on September 29, 2010, the motion was granted. Judgment was entered on September 30, 2010, and the action has been dismissed with prejudice.

INDUSTRY CLASSIFICATION:
SIC Code: 60
Sector: Financial
Industry: Money Center Banks

COMPANY/ISSUER NAME:	Societe Generale (SocGen)
COMPANY/ISSUER TICKER:	SCGLY.PK
COMPANY WEBSITE:	http://www.socgen.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Phillip Barkett, Jr., et al. v. Societe Generale, et al.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-02495
JUDGE NAME: Hon. Gerard E. Lynch
DATE FILED: 03/12/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 08/01/2005	CLASS PERIOD END: 01/23/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY) 825 Third Avenue - 30th Floor, New York, NY, 10022 (voice) 212.838.7797, (fax) 212.838.7745, lawinfo@cmht.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
Type: Complaint		Date on the document: 03/12/2008
Order
Type: Order of Consolidation		Date on the document: 6/27/2008
Scheduling Order Regarding: (1) The Appointment Of The Vermont Pension Investment Committee As Lead Plaintiff And Selection Of Lead Counsel; (2) Schedule For Filing Consolidated Amended Complaint; And (3) Briefing Schedule On Motion To Dismiss Consolidated Amended Complaint
Type: Order Appointing LP/LC		Date on the document: 8/12/2008

REFERENCE COMPLAINT

In re Societe Generale Securities Litigation

COURT: S.D. New York	DOCKET NUMBER: 08-CV-02495
JUDGE NAME: Hon. Richard M. Berman
DATE FILED: 01/08/2010	SOURCE: Docket
CLASS PERIOD START: 08/01/2005	CLASS PERIOD END: 01/25/2008
TYPE OF COMPLAINT: Second Amended and Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (Melville) 58 South Service Road, Suite 200, Melville, NY, 11747 (voice) 631.367.7100, (fax) 631.367.1173, info@csgrr.com/ Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
First Amended and Consolidated Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 10/17/2008
Second Amended And Consolidated Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 01/08/2010
Decision & Order
Type: Order		Date on the document: 09/29/2010
Judgment
Type: Other		Date on the document: 09/30/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 09/30/2010

OTHER DOCUMENTS
Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial
Case Name and/or Number: City of Taylor Employees Retirement System, et al. v. Société Générale, et al.
Type: Complaint		Date on the document: 03/14/2008
Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: Harold Oberkotter, et al. v. Société Générale, et al.
Type: Complaint		Date on the document: 03/19/2008

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�