Case Page

 

Case Status:    DISMISSED    
On or around 10/28/2011 (Date of order of final judgment)

Filing Date: December 31, 2009

According to a press release dated December 31, 2009, the complaint charges that Kohlberg and its two top executive officers violated the federal securities laws by issuing false and misleading financial statements during the Class Period. The complaint alleges that defendants violated Generally Accepted Accounting Principles by failing to properly account for the fair value of its investment portfolio. The complaint further alleges that the Company misrepresented its efforts with its auditor, Deloitte and Touche LLP ("Deloitte"), to resolve issues regarding the Company's fair value accounting. When these allegations came to light, the market value of Kohlberg securities dropped damaging investors.

The plaintiffs filed a Consolidated Amended Class Action Complaint on May 11, 2011. The complaint named additional company individuals as defendants in the action.

On August 2, 2011, the Court released an order granting the defendant's Motion to Dismiss. The Court gave the plaintiffs leave to file an amended complaint, and on August 22, 2011, a Second Amended Consolidated Class Action Complaint was filed.

On August 22, 2011, the Lead Plaintiff filed a Second Amended Consolidated Class Action Complaint, and the defendants responded by filing a motion to dismiss the Second Amended Consolidated Class Action Complaint on September 8, 2011.

On October 28, 2011, the Court entered Judgment granting the defendants' motion to dismiss and dismissing the second amended complaint with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KCAP
Company Market: NASDAQ
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-10609
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 12/31/2009
CLASS PERIOD START: 03/16/2009
CLASS PERIOD END: 12/24/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-10609
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 08/22/2011
CLASS PERIOD START: 05/07/2008
CLASS PERIOD END: 12/15/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date