The law firm of Girard Gibbs LLP (http://www.girardgibbs.com/rbs.asp)
has filed a class action lawsuit on behalf of purchasers of The Royal
Bank of Scotland Group plc ("RBS") (NYSE:RBS) Series T American
Depositary Shares ("ADSs"). These shares were issued in connection with
RBS’s September 20, 2007 initial public offering of 58 million Series T
ADSs (also referred to as “Non-cumulative Dollar Preference Shares”)
pursuant to a false and misleading registration statement, prospectus
and prospectus supplement (collectively, the “Registration Statement”).
The class action, entitled Wacksman v. The Royal Bank of Scotland
Group plc, et al., 09-cv-857, is pending in the United States
District Court for the Southern District of New York. It charges RBS and
certain of its officers and directors and the underwriters of the
offering with violations of the Securities Act of 1933.
If you would like to serve as lead plaintiff in this action, you must
move the Court no later than March 23, 2009. If you wish to discuss this
action or have any questions concerning your rights as an investor,
please contact Girard Gibbs LLP (www.girardgibbs.com/rbs.asp)
or call 866-981-4800. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
The complaint alleges that defendants consummated the Series T ADS
offering pursuant to a false and misleading Registration Statement,
selling 58 million Series T ADSs at $25 per share, for proceeds of
approximately $1.45 billion. Soon thereafter, RBS announced
multi-billion pound impairment charges associated with its exposure to
debt securities, including mortgage-related securities tied to the U.S.
real estate markets, causing the price of RBS’s Series T ADSs issued in
the Offering to decline. In November 2008, the British government
acquired majority control of RBS, and the ADSs now trade at
approximately $6 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of RBS
Series T ADSs pursuant and/or traceable to the Registration Statement
for the Offering.
Girard Gibbs LLP is one of the nation’s leading firms representing
individual and institutional investors in securities fraud class actions
and litigation to correct abusive corporate governance practices,
breaches of fiduciary duty and proxy violations. For more information or
to view a copy of the class action complaint, please access the firm’s
website, www.girardgibbs.com/rbs.asp.
To discuss this class action with us, please contact the following
attorneys:
Daniel C. Girard (dcg@girardgibbs.com)
Jonathan K. Levine (jkl@girardgibbs.com)
Aaron M. Sheanin (ams@girardgibbs.com)
601 California Street, 14th Floor
San Francisco, CA 94108
Phone number: (866) 981-4800
Website: http://www.girardgibbs.com/rbs.asp
Girard Gibbs LLP
Daniel C. Girard, 415-981-4800
Jonathan K.
Levine, 415-981-4800
Aaron M. Sheanin, 415-981-4800
