Case Page

 

Case Status:    DISMISSED    
On or around 06/23/2010 (Court's order of dismissal)

Filing Date: December 29, 2008

According to a law firm press release, the complaint alleges that the Company and its top executives violated the federal securities laws. The complaint charges that ANZ failed to adequately disclose the range of risks arising from its loans to Opes
Prime Group Limited, an Australian stock brokerage firm that lent money to customers on margin. ANZ had lent hundreds of millions of dollars to this failed brokerage house, but without adequate disclosure of the risks the loans posed to ANZ. The day before the Company announced its losses stemming from exposure to Opes Prime, its stock (ADRs) closed at a high of $17.24. The following day, after ANZ's announcement, ANZ's stock price dropped to $14.57. ANZ's stock is currently trading at $9.90.

On April 1, 2009, A Case Management Order was entered by the court consolidating the actions and appointing Legacy Solutions, Inc. as lead Plaintiff. Stull, Stull & Brody shall serve as Lead Counsel for all plaintiffs in this Action and the class.

On May 12, 2009, Consolidated Amended Complaint was filed against the defendants in this action.

On October 27, 2009, Stipulation And Order that Defendant Ian J. Macfarlane is hereby dismissed as a party to this action without prejudice. However, if the Court dismisses this action with prejudice, Defendant Macfarlane's dismissal will be converted to a dismissal with prejudice.

On October 29, 2009, a revised amended class action complaint was filed with the court against the remaining defendants.

On December 14, 2009, an opinion and order was issued by the judge granting the defendants' July 2, 2009 motion to dismiss the Complaint in its entirety.

On June 23, 2010, the Court issued an Order that dismissed this case with prejudice on the merits pursuant to Rule 41 of the Federal Rules of Civil Procedure, and that the parties will bear their own costs and attorneys' fees.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: Australia

SECURITIES INFORMATION:

Ticker Symbol: ANZBY
Company Market: Pink Sheets
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-11278
JUDGE: Hon. Shirley Wohl Kram
DATE FILED: 12/29/2008
CLASS PERIOD START: 03/02/2007
CLASS PERIOD END: 07/27/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  2. Vianale & Vianale LLP (Boca Raton)
    2499 Glades Road, Suite 112, Vianale & Vianale LLP (Boca Raton), FL 33431
    561.392.4750 561.392.4750 · info@vianalelaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-11278
JUDGE: Hon. Shirley Wohl Kram
DATE FILED: 05/21/2009
CLASS PERIOD START: 11/01/2006
CLASS PERIOD END: 07/27/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date