| Company: | Swiss Reinsurance Company |
| Ticker Symbol: | SWX: RUKN |
| Class Period: | May 8, 2007 to November 19, 2007 |
| Date Filed: | Feb-27-08 |
| Lead Plaintiff Deadline: | April-25-08 |
| Court: | Southern District, NY |
| Allegations: |
A class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of all U.S. residents or citizens who purchased Swiss Reinsurance Company ("Swiss Re") (SWX:RUKN) stock during the period between May 8, 2007 and November 19, 2007 (the "Class Period").
The complaint charges Swiss Re and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Swiss Re is the world's largest reinsurer with 70 offices in more than 25 countries.
The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company's financial condition. Specifically, defendants failed to disclose that Swiss Re's Credit Solutions unit had written two credit default swaps that exposed the Company to great financial risk. In a credit default swap, one party guarantees that a third party borrower will not default on a debt. In this case, Swiss Re guaranteed certain mortgage-backed securities which included some subprime and collateralized debt obligations. When the existence and nature of the credit default swaps was disclosed, Swiss Re's stock price dropped from CHF97.55 to CHF87.55 (Swiss Francs) the next day.
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 charges Swiss Re and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Swiss Re is the world's largest reinsurer with 70 offices in more than 25 countries.
The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company's financial condition. Specifically, defendants failed to disclose that Swiss Re's Credit Solutions unit had written two credit default swaps that exposed the Company to great financial risk. In a credit default swap, one party guarantees that a third party borrower will not default on a debt. In this case, Swiss Re guaranteed certain mortgage-backed securities which included some subprime and collateralized debt obligations. When the existence and nature of the credit default swaps was disclosed, Swiss Re's stock price dropped from CHF97.55 to CHF87.55 (Swiss Francs) the next day.
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.
