Cauley Geller Announces Class Action Lawsuit Against NYSE Specialist Firms On Behalf of Investors
28 Ottobre 2003 - 5:28PM
PR Newswire (US)
Cauley Geller Announces Class Action Lawsuit Against NYSE
Specialist Firms On Behalf of Investors NEW YORK, Oct. 28
/PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Rudman,
LLP announced today that a class action lawsuit has been filed in
the United States District Court for the Southern District of New
York on behalf of all those persons or entities who purchased
and/or sold shares of stocks of NYSE and AMEX listed companies that
were auctioned by defendants LaBranche & Co., LLC, Bear Wagner
Specialists LLC, Spear, Leeds & Kellogg Specialists LLC, Van
der Moolen Specialists USA, and Fleet Specialist, Inc. ("Defendant
Specialists") between October 17, 1998 and October 15, 2003,
inclusive (the "Class Period"). A copy of the complaint filed in
this action is available from the Court, or can be viewed on the
firm's website at
http://www.cauleygeller.com/show_case.asp?ccode=183&pcode=10&pp=4
. The complaint charges LaBranche & Co., Inc. (NYSE:LAB),
LaBranche & Co., LLC, G. Michael LaBranche, Bear Wagner
Specialists LLC, Spear, Leeds & Kellogg Specialists LLC, Spear,
Leeds & Kellogg LP, The Goldman Sachs Group, Inc. (NYSE:GS) ,
Van der Moolen Specialists USA, LLC, FleetBoston Financial
Corporation (NYSE:FBF), and Fleet Specialist, Inc. with violations
of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
and Rule 10b-5 promulgated thereunder. The defendants and/or their
subsidiaries act as specialty firms on the New York Stock Exchange
("NYSE") and American Stock Exchange ("AMEX"). The Defendant
Specialists are required to uphold the rules and requirements of
the NYSE and AMEX. One such requirement that the Defendant
Specialists must adhere to is called the "negative obligation." The
negative obligation is the duty to hang back and not trade for the
specialist firm's own account when enough public investor orders
exist to pair up naturally, without undue intervention. Rather than
uphold their duties, the Defendant Specialists, during the Class
Period, repeatedly violated their "negative obligation duty" by
engaging in "interpositioning." The complaint further alleges that
instead of executing customer buy-and-sell orders against other
customer orders, the defendants, during the Class Period,
intervened and traded using their own firm accounts to the
disadvantage of the customers. More specifically, the Defendant
Specialists would trade ahead of a potential customer by buying
stock from the seller and then selling it to the buyer at a higher
price for a profit, rather than allowing the customers to trade
between themselves without specialist intervention. Thus, the
defendants' improper trading activities caused plaintiff and other
members of the Class to purchase and/or sell defendants' clients'
shares at distorted prices and to otherwise suffer damages. If you
are a member of the class described above and you wish to serve as
lead plaintiff, you must move the Court no later than December 16,
2003. If you are a member of this class, you can join this class
action online at
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any
member of the purported class may move the Court to serve as lead
plaintiff through Cauley Geller or other counsel of their choice,
or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It
is one of the country's premiere firms in the area of securities
fraud, with in-house finance and forensic accounting specialists
and extensive trial experience. Since its founding, Cauley Geller
has recovered in excess of two billion dollars on behalf of
aggrieved shareholders. The firm maintains offices in Boca Raton,
Little Rock and New York. If you have any questions about how you
may be able to recover for your losses, or if you would like to
consider serving as one of the lead plaintiffs in this lawsuit, you
are encouraged to call or e-mail the Firm or visit the Firm's
website at http://www.cauleygeller.com/ . Contact: CAULEY GELLER
BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A.
Rosenfeld, Esq. Client Relations Department: Jackie Addison or
Heather Gann P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free:
1-888-551-9944 Fax: 1-501-312-8505 E-mail: DATASOURCE: Cauley
Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq. or
David A. Rosenfeld, Esq., both of Cauley Geller Bowman &
Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/
http://www.cauleygeller.com/show_case.asp?ccode=183&pcode=10&pp=4
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1
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