LOS ANGELES, Dec. 15, 2008 (GLOBE NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a Class consisting of all persons or entities who purchased Lehman Brothers Holdings Inc.'s ("LBHI")(Pink Sheets:LEHMQ) 100% Principal Protection Notes (collectively, "Lehman Principal Protection Notes") from UBS Financial Services, Inc. ("UBS" or the "Company") (NYSE:UBS) between May 30, 2006 and September 15, 2008, inclusive (the "Class Period") and which were underwritten and sold by UBS.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges UBS with violations of federal securities laws. Among other things, plaintiff claims that defendant issued materially false and misleading statements or failed to disclose material adverse facts relating to the marketing and sale of Lehman Principal Protection Notes. Lehman Principal Protection Notes were marketed and represented to investors to offer "100% Principal Protection" and guaranteed preservation of investors' capital if the Notes were held to maturity.
The Complaint alleges that the Company's public statements were false and misleading or failed to disclose or indicate the following: (1) the risk that, upon maturity, LBHI would be unable to repay the "guaranteed" return of principal on Lehman Principal Protection Notes; and (2) the risk that LBHI's "guarantee" of 100% principal protection was subject to LBHI's undisclosed exposure to losses from its real estate and mortgage portfolio and other material undisclosed risks associated with LBHI 's business and accounting practices.
On September 15, 2008, LBHI filed a voluntary petition for bankruptcy protection under Chapter 11 of the Bankruptcy Code in the United States District Court for the Southern District of New York. The bankruptcy proceeding exposed that LBHI had excessive, undisclosed exposure to losses from its real estate and mortgage investments, and that LBHI lacked sufficient capital to cover those losses.
Following the bankruptcy petition, UBS notified holders of Lehman Principal Protection Notes that "The immediate effect of LBHI's bankruptcy filing is that you will not receive any payments on your LBHI structured product as scheduled under the terms of the structured product. Instead, as a holder of a senior unsecured debt instrument of LBHI, you have a claim as a senior unsecured creditor against LBHI's bankruptcy estate." UBS further stated that holders of Lehman Principal Protection Notes "may not receive anything" in the bankruptcy.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Marc L. Godino, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Marc L. Godino
(310) 201-9150
(888) 773-9224
info@glancylaw.com
www.glancylaw.com
