Case Page

 

Case Status:    DISMISSED    
On or around 05/11/2011 (Date of order of final judgment)

Filing Date: December 04, 2009

The complaint charges Siemens with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, Siemens made materially false and misleading statements concerning its ability to generate revenues and achieve earnings expectations once it had put an end to systemic and extensive fraud, bribery and other illegal and corrupt activities in order to obtain contracts or retain business. As the truth was revealed, Siemens shares plummeted, causing damages of billions of dollars to Siemens shareholders.

On February 17, 2010, an Order on the remaining motion for appointment of lead plaintiff and lead counsel was granted. 1199 SEIU Greater New York Pension Fund was appointed lead plaintiff for the putative class, and the law firm of Coughlin Stoia Geller Rudman & Robbins LLP was appointed as the putative class's Lead Counsel.

On May 17, 2010, an Amended Complaint for Violations of the Federal Securities Laws against was filed against the Defendants.

On March 31, 2011, the Court dismissed the claims against the defendants without leave to replead. Lead plaintiff’s claims under § 10(b) and Rule 10b-5 against the defendants were dismissed pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure for failure to state a claim, as the amended complaint failed to allege facts giving rise to a strong inference of scienter as required under the PSLRA. In the absence of an alleged violation of § 10(b) or Rule 10b-5, lead plaintiff’s claims against certain individual defendants under § 20(a) were dismissed also pursuant to Rule 12(b)(6) for failure to state a claim.

The plaintiffs filed a motion for reconsideration from the order, and the motion was denied. The Clerk's Judgment was entered on May 11, 2011, and the case is now closed.

COMPANY INFORMATION:

Sector: Conglomerates
Industry: Conglomerates
Headquarters: Germany

SECURITIES INFORMATION:

Ticker Symbol: SI
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: E.D. New York
DOCKET #: 09-CV-05310
JUDGE: Hon. John Gleeson
DATE FILED: 12/04/2009
CLASS PERIOD START: 11/08/2007
CLASS PERIOD END: 04/30/2008
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. Weiss & Lurie (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Lurie (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 09-CV-05310
JUDGE: Hon. John Gleeson
DATE FILED: 05/17/2010
CLASS PERIOD START: 11/08/2007
CLASS PERIOD END: 03/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Weiss & Lurie (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Lurie (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date