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Case Status:    DISMISSED  
—On or around 09/28/2012 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. Richard J. Sullivan

Filing Date: December 13, 2007

UBS AG is a global investment banking and securities firm which provides a range of financial services, including advisory services, underwriting, financing, market making, asset management, brokerage and retail banking on a global level.

The original Complaint charges UBS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Complaint alleges that during the Class Period, Defendants issued numerous statements regarding the Company’s business and financial results. According to the Complaint, these statements were materially false and misleading because they failed to disclose the Company’s failure to timely write-down impaired securities containing subprime debt.

According to the Complaint filed on October 30, 2007, UBS issued a press release announcing its financial results for the third quarter of 2007. In the days following this announcement, the price of UBS stock declined to as low as $49.27 per share. Then, on December 10, 2007, UBS announced writedowns of around $10 billion as a result of its subprime mortgage related positions. Following this announcement, the price of UBS stock declined to $48.78 per share, a 26% decline from the Class Period high. Plaintiff seeks to recover damages on behalf of all purchasers of UBS common stock during the Class Period.

On March 6, 2008, District Court Judge Richard J. Sullivan consolidated two related actions, and appointed UBS Institutional Investors as lead Plaintiffs. The Court also approved UBS Institutional Investors selection of the law firms of Schiffrin Barroway Topaz & Kessler, LLP, Grant & Eisenhofer, P.A. and, Motley Rice LLC as lead Counsel. Coughlin Stoia Geller Rudman & Robbins LLP is liaison Counsel for the Class.

On July 11, 2008, the lead Plaintiff filed a Consolidated Class Action Complaint. On November 19, 2008, the Defendants filed two motions to dismiss the Consolidated Class Action Complaint.

In another case filed on January 30, 2009, case number 09-CV-00893, in New York federal court claims UBS boasted of its integrity and touted its risk management and internal controls at the same time it was actively engaged in a tax evasion scheme that it ultimately could not abandon because it was simply too valuable to the bank. UBS, based in Zurich, helped U.S. clients hide as much as $17.9 billion through offshore accounts, according to a July report by the Senate Permanent Subcommittee on Investigations. The Securities and Exchange Commission also is examining whether UBS failed to register as a broker-dealer or investment adviser. When the scheme was finally uncovered by U.S. authorities and UBS began disclosing the true nature of its Swiss banking business, the Company’s stock price plummeted, causing substantial losses to UBS shareholders, according to the Complaint filed by the New Orleans Employees’ Retirement System. The Complaint names UBS and eight current or former officers or directors as Defendants, including Chairman Peter Kurer and Raoul Weil, the former head of the international wealth management division.

On February 26, 2009, an Order transferring No. 09 Civ, 893 to the docket as being related to the case docketed as No. 07 Civ. 1125 was granted by the court.

On April 7, 2009, Judge Richard J. Sullivan signed the Order consolidating several actions under In re UBS AG Securities Litigation, Master File No. 07 Civ. 11225 (RJS). On May 8, 2009, the lead Plaintiffs filed an Amended Consolidated Securities Class Action Complaint. On September 20, 2009, the Defendants filed motions to dismiss.

On January 25, 2010, by order of the Court, the Clerk of the Court was instructed to mark the following cases as closed: (1) Case No. 08 Civ. 6868; (2) Case No. 08 Civ. 7606; (3) Case No. 09 Civ. 219; and (4) Case No. 09 Civ. 893. All cases are to be associated with Case No. 07 Civ. 11225.

On March 19, 2010, it was ordered that Defendants' 12(b)(1) motion and 12(b)(6) motions were denied without prejudice and with leave to renew after the Supreme Court's decision in a related case.

On September 13, 2011, the Court issued a Memorandum and Order granting the Defendant's Motion to Dismiss as to the motion filed under docket number 151, thereby dismiss the the purchasers of UBS shares outside of the United States.

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