Case Page

 

Case Status:    DISMISSED    
On or around 09/16/2010 (Court's order of dismissal)

Filing Date: August 24, 2009

According to a press release dated August 25, 2009, the complaint charges DWS RREEF I and DWS RREEF II and certain of its officers and directors with violations of the Securities Exchange Act of 1934. DWS RREEF I and DWS RREEF II are closed-end, non-diversified, management investment companies.

The complaint alleges that during the Class Period, the Funds issued reports that misrepresented the Funds’ investments, leverage and exposure to the auction rate preferred securities (“ARPS”) market. Due to defendants’ false and misleading statements, investors purchased the common stock of the Funds during the Class Period at artificially inflated prices and were damaged thereby.

Subsequently, as a result of disclosures which caused investors to realize that distributions would cease, the Funds’ prices dropped. The price per share of DWS RREEF I dropped from $3.45 per share on November 14, 2008 to $2.65 on November 18, 2008, and the price per share of DWS RREEF II dropped from $1.90 per share on November 14, 2008 to $1.42 per share on November 18, 2008.

The Funds have never recovered and DWS RREEF I trades at less than $2 per share and DWS RREEF II trades at less than $0.60 per share.

On December 3, 2009, Judge John G. Koeltl granted the motion to appoint Pasquale A. La Pietra and Barry King as Lead Plaintiffs and approved their selection of the law firms of Horwitz, Horwitz & Paradis and Coughlin Stoia Geller Rudman & Robbins LLP as Co-Lead Counsel. On December 23, 2009, an Amended Complaint was filed. On February 8, 2010, the defendants filed a motion to dismiss the Amended Complaint. According to the Opinion and Order dated September 16, 2010, the defendants' motion to dismiss the amended complaint is granted. Judgment was entered on September 21, 2010, and the case was closed.

COMPANY INFORMATION:

Sector: Financial
Industry: Other (Mutual Fund)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SRQ
Company Market: American 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 #: 09-CV-07439
JUDGE: Hon. John G. Koeltl
DATE FILED: 08/24/2009
CLASS PERIOD START: 03/08/2007
CLASS PERIOD END: 11/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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/
  2. Horwitz, Horwitz & Paradis
    405 Lexington Ave., 61st Flr. , Horwitz, Horwitz & Paradis, NY 10174
    212.986.4500 212.986.4500 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-07439
JUDGE: Hon. John G. Koeltl
DATE FILED: 12/23/2009
CLASS PERIOD START: 03/08/2007
CLASS PERIOD END: 11/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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/
  2. Horwitz, Horwitz & Paradis
    405 Lexington Ave., 61st Flr. , Horwitz, Horwitz & Paradis, NY 10174
    212.986.4500 212.986.4500 ·
No Document Title Filing Date