| Company: | Lehman Brothers Holdings Inc |
| Ticker Symbol: | LEHMQ |
| Class Period: | Feb-5-08 to Sep-15-08 |
| Date Filed: | Sep-24-08 |
| Lead Plaintiff Deadline: | Nov-23-08 |
| Court: | U.S. District Court in Manhattan |
| Allegations: | |
Defendants include subsidiaries of Bank of America Corp, Citigroup Inc, Merrill Lynch & Co Inc, and several other firms that underwrote a $1.9 billion offering. Lehman itself is not named in the suit because it has bankruptcy protection.
The Lehman Preferred Series "J" stock offering, issued on Feb. 5, was worth $1.9 billion, with nearly 76 million shares sold at $25 each. The suit claims that the stock has dropped in value from $25.55 per share to just 10 cents, resulting in the loss of hundreds of thousands of dollars. The suit also alleges that the prospectus issued in advance of the offering made false and misleading statements, because it did not reveal Lehman's significant exposure to the subprime mortgage market. Nor were investors advised as to Lehman's desperate financial state resulting from deteriorating market conditions and rapidly falling asset values. Nevertheless, the underwriters received approximately $59 million in fees.
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.
