Case Page

 

Case Status:    DISMISSED    
On or around 01/14/2010 (Court's order of dismissal)

Filing Date: November 21, 2007

The original class action has been commenced on behalf of all persons who purchased the common stock of ACA Capital Holdings, Inc. pursuant and/or traceable to the Company’s initial public offering.

The complaint charges ACA Capital and certain of its officers and directors with violations of the Securities Act of 1933. ACA Capital is a holding company that provides financial guaranty insurance products to participants in the global credit derivative, structured finance capital, and municipal finance capital markets.

On or about November 9, 2006, ACA Capital priced its IPO of 6,875,000 shares of newly issued common stock and 23,541 shares of existing common stock at $13 per share, generating gross proceeds of $89.4 million. The Registration Statement for the IPO described positively ACA Capital’s business and the Company’s collateralized debt obligation (“CDO”) asset management business. The complaint alleges that the Registration Statement for the IPO contained inaccurate statements of material fact because it failed to disclose that the Company’s CDO assets were materially impaired and overvalued.

On August 11, 2008, the Court granted the motion to consolidate the two related actions and further granted the motion to appoint lead plaintiff and lead plaintiff's selection of lead counsel. Guido Bergamini is the lead plaintiff and Coughlin Stoia Geller Rudman & Robbins LLP and and Abraham Fruchter & Twersky are lead counsels in this consolidated action. On November 14, 2008, the lead plaintiff filed a Consolidated Amended Class Action Complaint. On January 27, 2009, the defendants filed a motion to dismiss the Consolidated Amended Class Action Complaint. On January 15, 2010, the Court entered Memorandum and Opinion #98455. According to the Opinion, the Defendants' motion is granted and the Complaint is dismissed with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ACA
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 07-CV-10528
JUDGE: Hon. Robert W. Sweet
DATE FILED: 11/21/2007
CLASS PERIOD START: 11/10/2006
CLASS PERIOD END: 11/21/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-10528
JUDGE: Hon. Robert W. Sweet
DATE FILED: 11/14/2008
CLASS PERIOD START: 11/10/2006
CLASS PERIOD END: 11/21/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date