Case Page

 

Case Status:    DISMISSED    
On or around 02/25/2014 (Other)

Filing Date: June 22, 2012

According to the law firm press release, the complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding UBS’s disclosure controls, procedures and internal controls over financial reporting, stating that these controls and procedures were effective when, in fact, they were not. This became apparent on September 15, 2011, when UBS disclosed that a supposed rogue trader, Kweku Adoboli (“Adoboli”), had engaged in unauthorized trades on behalf of UBS that resulted in losses of $2.3 billion. As a result of this disclosure, the price of UBS stock dropped over 10% in a single day. Subsequently, defendants stated in an SEC filing that “we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively” and “our previous evaluation stating that our disclosure controls and procedures were effective on 31 December 2010 . . . should no longer be relied upon.”

On January 30, 2012, The Wall Street Journal reported that British and Swiss regulators were likely to begin enforcement proceedings against UBS for the gaps in oversight that had allowed Adoboli to make the trades at issue. On that same day, Adoboli pleaded not guilty to criminal charges in London.

On October 1, 2012, a Consolidated Complaint for Violations of the Federal Securities Laws was filed by the plaintiffs.

On March 04, 2013, an Amended Consolidated Complaint for Violations of the Federal Securities Laws was filed by the plaintiffs.

On December 13, 2013, the defendants' motion to dismiss was granted with prejudice. The clerk of the court was directed to terminate this action. On January 15, 2014, the Lead Plaintiffs filed a Notice appealing the above decision.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: UBS
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 #: 12-CV-04924
JUDGE: Hon. Katherine B. Forrest
DATE FILED: 06/22/2012
CLASS PERIOD START: 03/15/2011
CLASS PERIOD END: 09/15/2011
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 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-04924
JUDGE: Hon. Katherine B. Forrest
DATE FILED: 10/01/2012
CLASS PERIOD START: 11/17/2009
CLASS PERIOD END: 09/15/2011
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