| Company: | Lazard, Ltd. |
| Ticker Symbol: | NYSE: LAZ |
| Class Period: | May 4, 2005 to May 12, 2005 |
| Date Filed: | Jun-18-05 |
| Lead Plaintiff Deadline: | Aug-15-05 |
| Court: | Souther District, NY |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the securities of Lazard, Ltd. (NYSE: LAZ - News; "Lazard") between May 4, 2005 and May 12, 2005, inclusive (the "Class Period").
The Complaint alleges that Lazard, Goldman Sachs & Co ("Goldman") (the lead underwriter of the IPO), and certain of the Company's officers and directors violated federal securities laws. Specifically, the Registration Statement/Prospectus failed to disclose that: (a) the basis for the $25 IPO price was to enable defendant Bruce Wasserstein (the Company's CEO) to raise sufficient funds to gain control of Lazard from Michel David Weill ("David Weill"); (ii) prior to the IPO, market demand had indicated that the proper price for the IPO was $22 per share; (iii) Goldman arranged to sell millions of shares to hedge funds with side agreements that they could immediately "flip the shares" and that Goldman would immediately buy them back; (iv) the Prospectus had failed to adequately comply with S-K Item 505 which requires a prospectus to describe "the various factors considered in determining the offering price" when common shares without an established public trading market are being registered; and (v) the Registration Statement/Prospectus failed to disclose that Gerardo Braggiotti, Lazard's deputy Chairman in Europe and a major rainmaker of new business for Lazard, who would be appointed as head of Lazard's European operations, was likely to leave Lazard and/or cause turmoil within the organization as he opposed the IPO and opposed defendant Wasserstein's purchase of David Weill's shares.
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.
The Complaint alleges that Lazard, Goldman Sachs & Co ("Goldman") (the lead underwriter of the IPO), and certain of the Company's officers and directors violated federal securities laws. Specifically, the Registration Statement/Prospectus failed to disclose that: (a) the basis for the $25 IPO price was to enable defendant Bruce Wasserstein (the Company's CEO) to raise sufficient funds to gain control of Lazard from Michel David Weill ("David Weill"); (ii) prior to the IPO, market demand had indicated that the proper price for the IPO was $22 per share; (iii) Goldman arranged to sell millions of shares to hedge funds with side agreements that they could immediately "flip the shares" and that Goldman would immediately buy them back; (iv) the Prospectus had failed to adequately comply with S-K Item 505 which requires a prospectus to describe "the various factors considered in determining the offering price" when common shares without an established public trading market are being registered; and (v) the Registration Statement/Prospectus failed to disclose that Gerardo Braggiotti, Lazard's deputy Chairman in Europe and a major rainmaker of new business for Lazard, who would be appointed as head of Lazard's European operations, was likely to leave Lazard and/or cause turmoil within the organization as he opposed the IPO and opposed defendant Wasserstein's purchase of David Weill's shares.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
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