The Blackstone Group L.P., through its subsidiaries, provides alternative asset management and financial advisory services worldwide.

According to a press release dated April 15, 2008, a class action has been commenced on behalf of purchasers of the common stock of Blackstone pursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.

Specifically, the Complaint charges Blackstone and certain of its officers and directors with violations of the Securities Act. According to the Complaint, on or about June 21, 2007, Blackstone filed with the SEC a Form S-1/A Registration Statement for the IPO. On or about June 25, 2007, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 133 million shares of Blackstone’s common stock were sold to the public at $31 per share, thereby raising more than $4 billion.

The Complaint alleges that the Registration Statement failed to disclose that certain of the Company’s portfolio companies were not performing well and were of declining value and, as a result, Blackstone’s equity investment was impaired and the Company would not generate anticipated performance fees on those investments or would have fees “clawed-back” by limited partners in its funds.

On March 10, 2008, Blackstone issued a press release announcing its financial results for the full year of 2007 and the fourth quarter of 2007, the periods ending December 31, 2007. Among other disclosures, Blackstone announced that it was writing down its investment in Financial Guaranty Insurance Company by $122 million. As of April 15, 2008, Blackstone common stock traded in a range of $17-$17.50 per share, approximately 45% below the IPO price of $31.00 per share.

On September 22, 2009, an Opinion and Order on the Motion to Dismiss Plaintiffs' Consolidated Amended Class Action Complaint was granted. The rationale was based on the Plaintiff electing to stand on it pleadings rather than to amend it in the face of Defendant's motion to dismiss as allowed by Individual Practices. Plaintiff's claims were dismissed with prejudice.

According to an order dated February 10, 2011, the United States Court of Appeals for the Second Circuit held that the District Court erred in dismissing for failure to state a claim. Plaintiffs’ Complaint was brought pursuant to Sections 11, 12(a)(2), and 15 of the Securities Act. This holding vacated the District Court’s judgment and remanded the case for further proceedings.

On According to a mandate issued on April 08, 2011, the judgment of the district court was vacated and the case was remanded for further proceedings in accordance with the opinion of the United States Court of Appeals for the Second Circuit.

On August 13, 2013, the Court issued an Order granting the Plaintiffs' motion for class certification. On the same date, the Court also issued an Order dismissing the claims asserted in this action under Section 12(a)(2) under the 1933 Act.

On August 28, 2013, the parties entered into a Settlement Agreement. This Agreement was preliminarily approved by the Court on August 30. The Court granted final approval of this Settlement on December 18th and ordered this case dismissed.