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State Street Corporation: SSgA Intermediate Fund Summary: The original complaint alleges that defendants solicited investors to purchase shares of the Intermediate Fund by making statements in its registration statement and subsequent supplemental prospectuses that described the Fund's objective as one that "seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years." Moreover, the registration statement represented that the investment objective of the Intermediate Fund was to invest "at least 80% of its total assets in debt instruments" and to invest in "debt instruments rated investment grade or better."
As alleged in the complaint, these statements, among others, were materially false and misleading because they omitted and/or misrepresented the true facts, including: (a) the actual risks associated with acquiring shares of the Intermediate Fund; (b) that the Intermediate Fund: (i) was heavily invested in high-risk mortgage-backed securities and/or securities tied to the value of subprime mortgages; and (ii) had vast undisclosed exposure to the subprime lending industry; and (c) that the Fund had materially altered its investment strategy, which had resulted in the dramatic deterioration in the quality of the Fund's investment. As a result of defendants' investment strategy, the Intermediate Fund suffered declines of more than 50% by September 2007.
On October 24, 2008, it was ordered that this case be coordinated with Multidistrict Litigation No. 1945 for pretrial purposes only. On February 13, 2009, an Amended Complaint was filed. On August 17, 2009, the Court entered the Order signed by Judge Richard J. Holwell. According to the Order, on January 15, 2009, the Court granted the motion 15 of Plumbers and Steamfitters Union Local No. 10 Health & Welfare Fund to be appointed to serve as lead plaintiff, and further approved Plumbers and Steamfitters' choice of counsel. As a housekeeping matter, the Clerk is directed to mark this motion closed.
INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Regional Banks
| COMPANY/ISSUER NAME: | State Street Corporation |
| COMPANY/ISSUER TICKER: | SSINX |
| COMPANY WEBSITE: | http://www.statestreet.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Plumbers And Steamfitters Union Local No. 10 Health And Welfare Fund, et al. v. State Street Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 9/11/2008 | ||
| Order | |||
| Type: Order of Consolidation | Date on the document: 10/08/2008 | ||
| Order | |||
| Type: Other | Date on the document: 10/24/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Plumbers And Steamfitters Union Local No. 10 Health And Welfare Fund, et al. v. , et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 02/13/2009 | ||
| Order | |||
| Type: Order Appointing LP/LC | Date on the document: 08/17/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 08/17/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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