Case Page

 

Case Status:    DISMISSED    
On or around 09/30/2010 (Court's order of dismissal)

Filing Date: March 12, 2008

A lawsuit was filed on behalf of all purchasers of American Depository Receipts (“ADRs”) of Société Générale (SocGen) (OTC:SCGLY - News), traded on the over the counter market, and all U.S. purchasers of SocGen’s shares on overseas exchanges during the Class Period. Specifically, the complaint charges that SocGen violated the Securities Exchange Act of 1934 by misleading investors regarding its activities and exposure in the subprime mortgage markets, and its lack of sufficient internal controls and failure to act on information it had regarding the highly irregular and unauthorized trades by its Delta One derivative trading desk, handled by junior trader Jerome Kerviel. The case also involves alleged insider trading by SocGen’s top U.S. executive and board member, Robert A. Day. Specifically, the complaint charges that during the Class Period SocGen: (1) made false and misleading statements and concealed material adverse information regarding SocGen’s exposure to subprime loans, collateralized debt obligations (“CDOs”) and SocGen’s internal controls; (2) touted SocGen’s conservative management, risk control, and expertise in risk analysis and structured finance, including CDO vehicles; (3) misled investors by announcing that it had “very little exposure” to the subprime segment; and (4) ignored or failed to act upon numerous alerts which should have led to the uncovering of Jerome Kerviel’s massive irregular trading activity from 2005 through early 2008.

The Complaint further alleges that the result of this fraudulent activity was that SocGen had to take write downs of close to $4 billion relating to the subprime market, and $7 billion in losses due to the highly risky and irregular trading by Kerviel, which caused a dramatic drop in share price and significant losses to investors.

On June 27, 2008, the Court entered the Order signed by U.S. District Judge Gerard E. Lynch consolidating three actions under In re Société Générale Securities Litigation, case number 08cv2495. At the same time, a motion to appoint lead plaintiffs and the approval of lead counsels was filed by several individuals. On August 12, 2008, U.S. District Judge Gerard E. Lynch granted the motion to appoint the Vermont Pension Investment Committee as lead plaintiff and approved lead plaintiff's selection of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. Lead plaintiff shall file and serve its consolidated amended complaint no later than October 7, 2008.

On October 17, 2008, the lead plaintiff filed a First Amended and Consolidated Complaint. On December 18, 2008, the defendants filed motions to dismiss the First Amended and Consolidated Complaint. On January 8, 2010, a Second Amended Complaint was filed. On April 15, 2010, the defendants filed a motion to dismiss the Second Amended Complaint, and on September 29, 2010, the motion was granted. Judgment was entered on September 30, 2010, and the action has been dismissed with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: France

SECURITIES INFORMATION:

Ticker Symbol: SCGLY.PK
Company Market: OTC-BB
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 #: 08-CV-02495
JUDGE: Hon. Gerard E. Lynch
DATE FILED: 03/12/2008
CLASS PERIOD START: 08/01/2005
CLASS PERIOD END: 01/23/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY)
    825 Third Avenue - 30th Floor, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY), NY 10022
    212.838.7797 212.838.7745 · lawinfo@cmht.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-02495
JUDGE: Hon. Gerard E. Lynch
DATE FILED: 01/08/2010
CLASS PERIOD START: 08/01/2005
CLASS PERIOD END: 01/25/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date