The Bear Stearns Companies Inc. ("Bear Stearns" or the Company, NYSE:BSC), through its broker-dealer and international bank subsidiaries, provides investment banking, securities and derivatives trading, clearance, and brokerage services worldwide.

The original Complaint charges Bear Stearns and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that during the Class Period, Defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of Defendants’ false statements, Bear Stearns stock traded at artificially inflated prices during the Class Period, reaching a high of $159.36 per share in April 2007. In late June 2007, news about Bear Stearns’ risky hedge funds began to enter the market and its stock price began to fall. On March 10, 2008, information leaked into the market about Bear Stearns’ liquidity problems, causing the stock to drop to as low as $60.26 per share before closing at $62.30 per share. On March 13, 2008, news that Bear Stearns was forced to seek emergency financing from the Federal Reserve and J.P. Morgan Chase hit the market and Bear Stearns stock fell to $30 per share. Then, on Sunday, March 16, 2008, it was announced that J.P. Morgan Chase was purchasing Bear Stearns for $2 per share. By midday on Monday, March 17, 2008, Bear Stearns stock had collapsed another 85% to $4.30 per share on volume of 75 million shares.

According to the Complaint, the Company’s Class Period statements were materially false due to Defendants’ failure to inform the market of the problems in the Company’s hedge funds due to the deteriorating subprime mortgage market, which would cause Bear Stearns to have to rescue the funds, cause the Company and its officers possible criminal liability and hurt the Company’s reputation.

On June 2, 2008, a class action lawsuit was filed in the United States District Court, Southern District of New York, on behalf of all current and former employees of Bear Stearns whose compensation, in part, was in the form of restricted stock units and/or capital accumulation plan units ("CAP Units"), issued to the current and former Bear Stearns employees pursuant to the Company's Restricted Stock Unit Plan (the "RSU Plan") and Capital Accumulation Plan (the "CAP Plan"), and whose rights to either Restricted Stock Units and/or CAP Units were vested, thus providing them a present entitlement to be paid and/or credited an equivalent number of shares of Bear Stearns common stock ("Bear Stearns Stock" or "Company Stock") upon settlement at the end of a deferral period between December 14, 2006 and March 14, 2008, inclusive (the "Class Period"), against the Company and certain officers and directors, alleging fraud pursuant to pursuant to Sections 10(b) and 20(a) of the Exchange Act (15 U.S.C. ss.ss. 78j(b) and 78t(a)) and Rule 10b-5 promulgated thereunder by the SEC (17 C.F.R. ss. 240.10b-5) (the "Class"). The case name is styled Bransbourg v. The Bear Stearns Companies, Inc., et al.

On May 16, 2008, several motions to appoint certain groups as lead Plaintiffs and the approval of their selection of lead Counsels were filed. On July 08, 2008, a motion to consolidate cases was filed by State of Michigan Retirement System. Lastly, on August 19, 2008, a certified true copy of conditional MDL transfer in order from the MDL panel was entered. It is stated that the case to be transferred to the Southern District of New York and the case is assigned to the Honorable Robert W. Sweet for coordinated or consolidated pretrial proceedings with the actions pending in that district.

On January 05, 2010, an opinion by the court appointed lead Plaintiff and lead Counsel in this case.

On February 27, 2009, a Consolidated Class Action Complaint For Violations Of The Federal Securities Laws was filed with the court.

On January 19, 2011, the Court issued an opinion denying the Defendants’ motion to dismiss the securities claim, but dismissed the ERISA and derivative claims.

The parties entered into a Stipulation and Agreement of Settlement with the Bear Stearns Defendants on June 5, 2012. On June 11, the parties entered into a Stipulation and Agreement of Settlement with the Deloitte & Touche Defendants. The Court granted preliminary approval of both Settlements on June 12. On November 28, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.