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UBS AG Summary: According to a law firm press release dated December 13, 2007, a class action has been commenced on behalf of purchasers of UBS AG common stock.
The complaint charges UBS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. UBS is a global investment banking and securities firm which provides a range of financial services, including advisory services, underwriting, financing, market making, asset management, brokerage and retail banking on a global level.
The complaint alleges that, during the Class Period, defendants issued numerous statements regarding the Company’s business and financial results. According to the complaint, these statements were materially false and misleading because they failed to disclose the Company’s failure to timely write-down impaired securities containing subprime debt.
On October 30, 2007, UBS issued a press release announcing its financial results for the third quarter of 2007. In the days following this announcement, the price of UBS stock declined to as low as $49.27 per share. Then, on December 10, 2007, UBS announced writedowns of around $10 billion as a result of its subprime mortgage related positions. Following this announcement, the price of UBS stock declined to $48.78 per share, a 26% decline from the Class Period high. Plaintiff seeks to recover damages on behalf of all purchasers of UBS common stock during the Class Period.
INDUSTRY CLASSIFICATION:
SIC Code: 6021
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | UBS AG |
| COMPANY/ISSUER TICKER: | UBS |
| COMPANY WEBSITE: | http://www.ubs.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Wesner, et al. v. UBS AG, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 12/13/2007 | ||
| OTHER DOCUMENTS | |||
| Complaint | |||
| Case Name and/or Number: HSH Nordbank, AG, et al. v. UBS AG, et al. | |||
| Type: Other | Date on the document: 02/25/2008 | ||
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