Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/ubsag/)
today announced that 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 purchasers on any U.S.
exchange, or where title passed within the United States, of UBS AG
(“UBS”) (NYSE:UBS) publicly traded securities during the period between
March 15, 2011 and September 15, 2011 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at email@example.com. If you
are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/ubsag/.
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 charges UBS and certain of its former officers and
directors with violations of the Securities Exchange Act of 1934. UBS is
a global financial services company.
The complaint alleges that during the Class Period, defendants made
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. This became apparent on September 15, 2011, when UBS
disclosed that a supposed rogue trader, Kweku Adoboli (“Adoboli”), had
engaged in unauthorized trades on behalf of UBS that resulted in losses
of $2.3 billion. As a result of this disclosure, the price of UBS stock
dropped over 10% in a single day. Subsequently, defendants stated in an
SEC filing 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.”
On January 30, 2012, The Wall Street Journal reported that
British and Swiss regulators were likely to begin enforcement
proceedings against UBS for the gaps in oversight that had allowed
Adoboli to make the trades at issue. On that same day, Adoboli pleaded
not guilty to criminal charges in London.
Plaintiff seeks to recover damages on behalf of all purchasers on any
U.S. exchange, or where title passed within the United States, of UBS
publicly traded securities during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in nine offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $1.5 trillion. The firm has obtained the largest recoveries in
history in six of the eight categories of shareholder class action
settlements and has been ranked number one in the number of shareholder
class action recoveries in MSCI’s Top SCAS 50 every year since
2003. According to Cornerstone Research, the firm’s recoveries have
averaged 35% above the median for all firms over the past seven years
(2005-2011). Please visit http://www.rgrdlaw.com
for more information.