| Company: | Austin Capital Management Ltd |
| Ticker Symbol: | --- |
| Class Period: | Jan-2-05 to Jan-11-08 |
| Date Filed: | Apr-7-09 |
| Lead Plaintiff Deadline: | Jun-6-09 |
| Court: | Southern District of New York |
| Allegations: | |
The action includes a sub-class of those employee benefit plans which invested with Austin Capital during the Class Period, asserting claims under the Employee Retirement Income Security Act of 1974 ("ERISA") for breach of fiduciary duty.
The complaint charges Austin Capital, its investment managers and its outside auditors with violations of the Securities Exchange Act of 1934 and ERISA. Austin Capital is a limited partnership that oversees hedge fund investment portfolios for individual and institutional clients.
The complaint alleges that Austin Capital placed significant amounts of investor money into funds managed by Madoff and his firm. Madoff has now been charged with running what may be the largest Ponzi scheme ever. Unbeknownst to investors in its funds, Austin Capital had invested approximately 7.5% of its funds in Madoff-managed investments. This was contrary to the duties Austin Capital had to its investors of good faith and fair dealing and contrary to the representations Austin Capital had made regarding its processes for selecting fund managers. As a result of defendants' breaches and false statements, Austin Capital investors made additional investments in Austin Capital and/or held interests they would have redeemed.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
