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Case Status:    DISMISSED    
On or around 12/30/2010 (Court's order of dismissal)

Filing Date: March 21, 2008

According to a press release dated March 21, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from UBS, UBS Securities and UBS Financial Services during the Class Period and who continued to hold such securities as of February 13, 2008.

Specifically, the Complaint alleges that UBS violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction rate securities generally have long-term maturities or no maturity dates.

The Complaint alleges that, pursuant to uniform sales materials and top-down management directives, UBS offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of auction rate securities sold by UBS and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including UBS to "withdraw their support" for the periodic auctions at which the interest rates paid on auction rates securities are set.

The Complaint alleges that UBS failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because UBS and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) UBS and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) UBS continued to market auction rate securities as liquid investments after it had determined that it and other broker dealers were likely to withdraw their support for the periodic auctions and that a "freeze" of the market for auction rate securities would result.

On May 08, 2009, First Amended Consolidated Class Action Complaint For Violations Of The Federal Securities Laws was filed with the court.

On July 29, 2009, an Order Withdrawal And Substitution Of Lead Plaintiff was Granted by the court.

On March 25, 2010, by notice of the Lead Plaintiff the claims against Defendants, in the above-referenced action, were voluntarily dismissed his pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(i) without prejudice.

On May 20, 2010, another Lead Plaintiff voluntarily dismissed her claims against Defendants in the action pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(i) without prejudice.

On June 10, 2010, a Memorandum and Order was issued by the Court granting the defendants' motions to dismiss

On June 14, 2010, according to a Judgment, the Court ruled that the defendants' motions to dismiss were granted.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: UBS
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 #: 08-CV-02967
JUDGE: Hon. Denise L. Cote
DATE FILED: 03/21/2008
CLASS PERIOD START: 03/21/2003
CLASS PERIOD END: 02/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Girard Gibbs LLP (San Francisco)
    601 California Street, Suite 1400, Girard Gibbs LLP (San Francisco), CA 94108
    415.981.4800 415.981.4846 · mail@girardgibbs.com
  2. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
  3. Stueve Siegel Hanson LLP
    460 Nichols Road, Suite 200, Stueve Siegel Hanson LLP, MI 64112
    816.714.7100 816.714.7101 · info@stuevesiegel.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-02967
JUDGE: Hon. Denise L. Cote
DATE FILED: 05/08/2009
CLASS PERIOD START: 03/21/2003
CLASS PERIOD END: 02/13/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carey & Danis, LLC
    8235 Forsyth - Suite 1100, Carey & Danis, LLC, MO 63105
    314.725.7700 314.725.7700 ·
  2. Girard Gibbs LLP (New York)
    711 Third Avenue, 20th Floor , Girard Gibbs LLP (New York), NY 10017
    212.867.1721 212.867.1721 · mail@girardgibbs.com
  3. Girard Gibbs LLP (San Francisco)
    601 California Street, Suite 1400, Girard Gibbs LLP (San Francisco), CA 94108
    415.981.4800 415.981.4846 · mail@girardgibbs.com
  4. Law Offices of George A. Shohet
    245 Main Street, Suite 310, Law Offices of George A. Shohet, CA 90291
    310.452.3176 ·
  5. Levi & Korsinsky, LLP (former)
    39 Broadway, Suite 1440, Levi & Korsinsky, LLP (former), NY 10006
    212.363.7500 212.363.7171 ·
  6. Lleff Cabraser Heimann & Bernstein LLP
    780 Third Avenue, 48th Floor, Lleff Cabraser Heimann & Bernstein LLP, NY 10017-2024
    212.355.9500 212.355.9500 ·
  7. Milberg LLP (Los Angeles)
    300 South Grand Avenue, Suite 3900, Milberg LLP (Los Angeles), CA 90071
    213.617.1200 213.617.1200 · ContactUs@milberg.com
  8. Milberg LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg LLP (New York), NY 10119
    1.877.692.1965 · ContactUs@milberg.com
  9. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
  10. Stueve Siegel Hanson LLP
    460 Nichols Road, Suite 200, Stueve Siegel Hanson LLP, MI 64112
    816.714.7100 816.714.7101 · info@stuevesiegel.com
  11. Whatley Drake & Kallas LLC (New York)
    1540 Broadway, 37th Floor, Whatley Drake & Kallas LLC (New York), NY 10036
    212.447.7070 212.447.7070 ·
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