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Société Générale (SocGen) Summary: According to a press release dated March 12, 2008, 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.
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.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Money Center Banks
| COMPANY/ISSUER NAME: | Société Générale (SocGen) |
| COMPANY/ISSUER TICKER: | SCGLY.PK |
| COMPANY WEBSITE: | http://www.socgen.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Phillip Barkett, Jr., et al. v. Société Générale, et al. | |||||||||||||||||
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| 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 | ||
| 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 | ||
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