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UBS Subject of Subprime-Related Lawsuit

  Class Action  -   POSTED: 2007/12/16 15:23

UBS is facing a class action lawsuit, which alleges the financial services company misled investors by issuing materially false and misleading statements about the company's financial condition just two months before it was revealed UBS was planning to write down $10 billion in subprime-related losses. The lawsuit filed by the firm of Coughlin, Stoia, Geller, Rudman & Robbins LLP alleges in a United States District Court that UBS's actions negatively impacted common stockholders who purchased stock between the dates of March 13, 2007 through December 11, 2007.

In a press statement, the firm says, "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."


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