Ambac Financial Group, Inc. - Securities Class Action

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Ambac Financial Group, Inc. Summary: The class action lawsuit was filed on behalf of purchasers of Structured Repackaged Asset-Backed Trust Securities, Callable Class A Certificates, Series 2007-1, STRATS(SM) Trust for Ambac Financial Group, Inc. Securities, Series 2007-1 ("STRATS"). Specifically, the complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements concerning the financial results and operations of Ambac Financial Group, Inc.

According to the Company’s FORM 10-Q For the Quarterly Period Ended September 30, 2010, on December 24, 2008, a complaint in a putative class action entitled Stanley Tolin et al. v. Ambac Financial Group, Inc. et al., asserting alleged violations of the federal securities laws was filed in the United States District Court for the Southern District of New York against Ambac, one former officer and director and one former officer, Case No. 08 CV 11241. An amended complaint was subsequently filed on January 20, 2009. This action is brought on behalf of all purchasers of Structured Repackaged Asset-Backed Trust Securities, Callable Class A Certificates, Series 2007-1, STRATS(SM) Trust for Ambac Financial Group, Inc. Securities 2007-1 (“STRATS”) from June 29, 2007 through April 22, 2008. The STRATS are asset-backed securities that were allegedly issued by a subsidiary of Wachovia Corporation and are allegedly collateralized solely by Ambac’s DISCS. The complaint alleges, among other things, that the defendants issued materially false and misleading statements regarding Ambac’s business and financial results and Ambac’s guarantees of CDO and MBS transactions, in violation of the securities laws. On April 15, 2009, the Company and the individual defendants named in Tolin moved to dismiss the amended complaint. On December 23, 2009, the Court initially denied defendants’ motion to dismiss, but later recalled that decision and requested further briefing from parties in the case before it rendered a decision on the motion to dismiss. The additional briefing was completed on March 5, 2010, and oral argument on the motion to dismiss was heard on August 4, 2010.

On June 14, 2011, a settlement was preliminarily approved with the Underwriter Defendants. The final settlement hearing is set for September 28, 2011.

INDUSTRY CLASSIFICATION:
SIC Code: 6351
Sector: Financial
Industry: Misc. Financial Services

COMPANY/ISSUER NAME:	Ambac Financial Group, Inc.
COMPANY/ISSUER TICKER:	ABK
COMPANY WEBSITE:	http://www.ambac.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Stanley Tolin and Edward Walton, et al. v. Ambac Financial Group, Inc., et al.

COURT: S.D. New York	DOCKET NUMBER: 08-CV-11241
JUDGE NAME: Hon. Colleen McMahon
DATE FILED: 12/24/2008	SOURCE:
CLASS PERIOD START: 08/02/2007	CLASS PERIOD END: 04/22/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Gardy & Notis, LLP 440 Sylvan Avenue, Englewood Cliffs, NJ, 07632 (voice) 201-567-7377, (fax) 201-567-7337, info@gardylaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 12/24/2008
Amended Class Action Complaint
Type: Complaint		Date on the document: 01/20/2009
Amended Order Preliminarily Approving Proposed Settlements
Type: Order		Date on the document: 06/14/2011
U.S. District Court Civil Docket
Type: Docket		Date on the document: 06/14/2011

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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