Pzena Asset Management, Inc. ("Pzena" or the Company) is a multinational investment management firm that focuses on institutions, high net worth individuals, and mutual funds.

According to a law firm press release, on November 21, 2007 a class action lawsuit has been commenced on behalf of a class of all persons who purchased or acquired securities of Pzena in the Company' s initial public offering which commenced on October 24, 2007. The claims asserted arise under Section 11 of the Securities Act of 1933, and have been asserted against Pzena and the Company' s Chief Executive Officer.

The Complaint alleges that Defendants made materially misleading statements and otherwise failed to disclose a pattern of net redemptions in the largest mutual fund advised by Pzena, which existed at the time of the IPO. The subsequent disclosure of these facts three weeks later resulted in the price of the Company' s common stock declining, causing Plaintiff and the other members of the Class to suffer damages.

On January 22, 2008, a motion to consolidate cases was filed. At the same time, a motion to appoint lead Plaintiff and the selection of lead Counsel was also filed. The court finally entered its Order granting the appointment of lead Plaintiff and its selection of lead Counsel on February 13, 2008. Later on, an amended Complaint was filed on April 07, 2008. Lastly, a motion to dismiss was filed by Pzena and an individual on May 23, 2008. On September 4, 2008, Judgment was entered in favor of the Defendants. On October 6, 2008, the Plaintiffs filed a Notice of Appeal in the Second Circuit Court of Appeals.

According to a press release dated August 13, 2009, Pzena Investment Management, Inc. announced that the United States Court of Appeals for the Second Circuit affirmed the Judgment of the United States District Court for the Southern District of New York that dismissed the putative class action lawsuits alleging securities law violations that were filed against the Company, its CEO, and its underwriters in 2007.