San Diego, CA -- (SBWire) -- 06/25/2012 --An investor in NYSE:UBS shares filed a lawsuit in the U.S. District Court for the Southern District of New York against UBS AG over alleged violations of Federal Securities Laws in connection with the $2.3billion trading loss caused last September by a rogue trader.
Investors who purchased on any U.S. exchange, or where title passed within the United States, of UBS AG (USA) (NYSE:UBS) publicly traded securities between March 15, 2011 and September 15, 2011, have certain options and there are strict and short deadlines running. Deadline: August 21, 2012. NYSE:UBS investors, who purchased their NYSE:UBS on any U.S. exchange, or where title passed within the United States, should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers on any U.S. exchange, or where title passed within the United States, of UBS AG (USA) (NYSE:UBS) publicly traded securities during the period between March 15, 2011 and September 15, 2011, that UBS AG (USA) (NYSE:UBS) and certain of its former officers and directors violated the Securities Exchange Act of 1934.
Specifically, the plaintiff claims that between March 15, 2011 and September 15, 2011 defendants made allegedly materially false and misleading statements regarding UBS's disclosure controls, procedures and internal controls over financial reporting, stating that these controls and procedures were effective when, in fact, they were not. The plaintiff says that this became apparent on September 15, 2011, when UBS disclosed that a supposed rogue trader, Kweku Adoboli had engaged in unauthorized trades on behalf of UBS that resulted in losses of $2.3 billion.
The plaintiff says that , defendants stated in a filing with the U.S. Securities and Exchange Commission that "we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively" and "our previous evaluation stating that our disclosure controls and procedures were effective on 31 December 2010 . . . should no longer be relied upon."
UBS AG (USA) Net Income fell from $7.53billion in 2010 to $4.16billion in 2011.
Since April 2012, NYSE:UBS shares lost almost about 40% of their value and traded in June 2012 around $12 per share.
On June 22, 2012, NYSE:UBS shares closed at $11.95 per share.
Those who purchased on any U.S. exchange, or where title passed within the United States, of UBS AG (USA) (NYSE:UBS) publicly traded securities between March 15, 2011 and September 15, 2011, have certain options and there are strict and short deadlines running. Deadline: August 21, 2012. NYSE:UBS investors, who purchased their NYSE:UBS on any U.S. exchange, or where title passed within the United States, should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
UBS AG (USA) (NYSE:UBS) Investor Files Lawsuit in Connection with $2.3 Billion Rogue Trader Loss
A lawsuit was filed for certain investors in UBS AG (USA) (NYSE:UBS) shares over alleged securities laws violations by UBS AG (USA) (NYSE:UBS). Deadline: August 21, 2012. NYSE:UBS investors should contact the Shareholders Foundation.