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Case Status:    DISMISSED    
On or around 09/27/2011 (Date of order of final judgment)

Filing Date: December 07, 2007

The complaint charges Security Capital and certain of its officers and directors with violations of the Securities Act of 1933. Security Capital, through its subsidiaries, provides financial guaranty insurance, reinsurance, and other credit enhancement products to the public finance and structured finance markets in the United States and internationally.

On or about May 25, 2007, Security Capital filed a Form S-1/A Registration Statement with the Securities and Exchange Commission for the Secondary Offering. On or about June 6, 2007, the Prospectus with respect to the Secondary Offering, which forms part of the Registration Statement, became effective and more than 9.6 million shares of Security Capital common stock were sold to the public at $31.00 per share, thereby raising more than $300 million.

The complaint alleges that the Registration Statement and Prospectus contained untrue statements of material facts because they failed to disclose that: (i) the Company was materially exposed to extremely risky structured financial credit derivatives; and (ii) the Company was materially exposed to residential mortgage-backed securities relating to sub-prime real estate mortgages.

A press release dated July 28, 2008 stated that Judge Deborah A. Batts of the United States District Court for the Southern District of New York has appointed Bernstein Liebhard & Lifshitz, LLP (the "Firm") (www.bernlieb.com) to act as sole lead counsel. The case name is In re Security Capital Assurance Ltd. Securities Litigation, Civ. No. 07-CV-11086 (DAB) (S.D.N.Y.), which is a securities class action against Security Capital Assurance Ltd., its subsidiary XL Insurance, Ltd., several Security Capital officers and directors, and the underwriters of Security Capital's Secondary Public Offering of June 6, 2007. The Firm represents the Employees' Retirement System of the State of Rhode Island ("ERSRI"), which the Court appointed as lead plaintiff. The Firm expects to file a Consolidated Amended Complaint by August 6, 2008.

On August 6, 2008, the lead plaintiff filed a Consolidated Amended Class Action Complaint. The defendants responded by filing various motions to dismiss the Consolidated Amended Class Action Complaint on October 14, 2008. On June 18, 2009, Lead Plaintiff’s Motion To Substitute Lead Counsel For The Class was granted. Grant & Eisenhofer P.A. was appointed Lead Counsel, superseding the appointment of Bernstein Liebhard LLP as Lead Counsel.

On March 31, 2010, a motion to dismiss was granted in part and denied in part. The Court allowed the Plaintiff ninety (90) days to file an Amended Complaint.

On September 23, 2011, the Motions to Dismiss were Granted and the First Amended Consolidated Complaint was Dismissed, with prejudice, for failure to state a claim. Leave to replead was also Denied.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SCA
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-11086
JUDGE: Hon. Deborah A. Batts
DATE FILED: 12/07/2007
CLASS PERIOD START: 06/06/2007
CLASS PERIOD END: 12/07/2007
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. 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-11086
JUDGE: Hon. Deborah A. Batts
DATE FILED: 08/06/2008
CLASS PERIOD START: 06/06/2007
CLASS PERIOD END: 12/06/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
No Document Title Filing Date
No Document Title Filing Date