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Case Status:    DISMISSED    
On or around 09/04/2008 (Court's order of dismissal)

Filing Date: November 21, 2007

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 Asset Management, Inc. 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 garnting 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 Investment Management 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PZN
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-10524
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 11/21/2007
CLASS PERIOD START: 10/24/2007
CLASS PERIOD END: 11/16/2007
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. 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
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-10524
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 04/07/2008
CLASS PERIOD START: 10/24/2007
CLASS PERIOD END: 11/16/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. 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
No Document Title Filing Date
No Document Title Filing Date