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Case Status:    ONGOING    
On or around 01/28/2016 (Ongoing date of last review)

Filing Date: April 26, 2010

According to a press release dated April 26, 2010, a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Goldman Sachs Group, Inc. (“Goldman” or the “Company”) (NYSE:GS) between October 15, 2009 and the time it was publicly revealed on April 16, 2010 that the Securities and Exchange Commission (“SEC”) had sued Goldman (the “Class Period”) in connection with its misconduct relating to the formation and sale of ABACUS 2007-AC1, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).

Specifically, the complaint charges Goldman and certain of its officers and executives with violations of the Exchange Act. Goldman is a financial holding company that provides global banking, securities and investment management services in the United States and internationally.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) the Company had, in violation of applicable law, not fully disclosed the facts and circumstances concerning the formation and sale of the ABACUS 2007-AC1 deal to investors such that it had engaged in misleading conduct; (ii) the Company had, in fact, bet against its clients and constructed collateralized debt obligations that were likely, if not designed, to fail; and (ii) the Company had received a Wells Notice from the SEC about the ABACUS transaction but failed to inform shareholders of this fact.

After the market opened on April 16, 2010, it was revealed that Goldman’s U.S. broker-dealer, GS&C, had been sued by the SEC “for making materially misleading statements and omissions in connection” with ABACUS 2007-AC1. As news of Goldman’s misconduct reached the market, Goldman stock immediately plummeted $24.05, declining from $184.27 per share on April 15, 2010 to close at $160.70 per share on April 16, 2010.

The plaintiffs have filed several motion to consolidate and appoint lead plaintiff. These motions are currently pending before the Court.

On March 25, 2011, the Court entered the Order signed by Judge Paul A. Crotty consolidating several actions under In re Goldman Sachs Group, Inc. Securities Litigation, Master File No. 1:10-cv-03461- PAC. According to the Order, the Clerk of Court is further ordered to list the following as lead plaintiffs: Pension Group, consisting of the Arkansas Teachers Retirement System, the West Virginia Investment Management Board, and the Plumbers and Pipefitters Pension Group as lead plaintiffs. It is further that the Clerk of Court list the law firm of Robbins Geller Rudman & Dowd, LLP and Labaton Sucharow, LLP as co-lead counsels for the class. On July 25, 2011, a Consolidated Class Action Amended Complaint was filed. The defendants responded by filing a motion to dismiss on October 6, 2011.

In June 21, 2012, the Court issued an order granting in part and denying in part defendants' motion to dismiss.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GS
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: S.D. New York
DOCKET #: 10-CV-03461
JUDGE: Hon. Paul A. Crotty
DATE FILED: 04/26/2010
CLASS PERIOD START: 10/15/2009
CLASS PERIOD END: 04/16/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. 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 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-03461
JUDGE: Hon. Paul A. Crotty
DATE FILED: 07/25/2011
CLASS PERIOD START: 10/15/2009
CLASS PERIOD END: 04/16/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. 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 ·
No Document Title Filing Date
No Document Title Filing Date