February 18, 2009 11:34 AM Eastern Time
Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of ING Groep N.V. 7.375% ING Perpetual Hybrid Capital Securities Investors
NEW YORK--(BUSINESS WIRE)--On February 17, 2009, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court, Southern District of New York, on behalf of all persons who acquired the 7.375% ING Perpetual Hybrid Capital Securities (the Securities) of ING Groep N.V. (ING or the Company) [NYSE:IDG] pursuant to a registration statement and September 2007 Prospectus (as defined in the Complaint, collectively, as the Offering Documents) issued in connection with the Companys September 2007 offering of the Securities (the Offering) against ING, its senior insiders, the investment banks that underwrote the Offering and INGs auditor pursuant to §§11, 12(a)(2) and 15 of the Securities Act of 1933 [15 U.S.C. §§77k, 77l(a)(2) and 77o] (the Class).
The case name is styled Harold H. Powell Trust v. ING Groep N.V., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
As detailed in the Complaint, ING sold the Securities at $25 per share for proceeds of approximately $1.5 billion. The Offering Documents incorporated INGs financial results for 2005 and 2006 as well as quarterly reports through September 2007.
The Complaint alleges that the Offering Documents, however, omitted material information, namely, that: (a) Defendants assets, including loans and mortgage-related securities, were impaired to a much larger extent than the Company had disclosed; (b) Defendants failed to properly record losses for impaired assets; (c) the Companys internal controls were inadequate to prevent the Company from improperly reporting the value of its assets; and (d) ING was not as well capitalized as represented, and, notwithstanding the billions of dollars raised in the Offering, the Company would have to raise an additional 10 billion by selling equity in the Company to the Dutch government in order to prevent INGs total collapse.
After the Offering, ING announced 2 billion in impairment charges associated with its exposure to bad loans, mortgage-related securities and other pressurized assets, causing the price of the Securities issued in the Offering to decline.
As a result of the dissemination of the false and misleading statements set forth in the complaint, the market price of the Securities was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described in the complaint, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of the Securities. Had plaintiff and the other members of the Class known the truth, they would not have purchased said Securities, or would not have purchased them at the inflated prices that were paid.
If you purchased the Securities during the Class Period, you may request that the Court appoint you as lead plaintiff no later than April 20, 2009. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class members claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., David L. Wales, Esq., or Derek Behnke), via e-mail at firstname.lastname@example.org or visit our website at www.whafh.com. All e-mail correspondence should make reference to the ING Securities.
L'issue selon moi sera négative pour les plaignants.
En gros, ils se plaignent que ING n'ai pas pu prévoir ou fait valoir correctement toutes les conséquences financières de la crise en septembre 2007 !
Si j'étais ING , je dirais simplement aux juges : Pourquoi ING aurait dû savoir ce que la planète entière ( du Secrétaire au trésor américain aux directeurs de la SEC en passant par l'ensemble des dirigeants de Bear Sterns) ne chiffrait pas ?
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