Merrill Lynch & Co Inc (NYSE: MER) Investor Securities Class Action Lawsuit 10/30/2007

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Company Name(s): 
Merrill Lynch & Co.
Case Name: 
Merrill Lynch & Co. Shareholder Class Action Lawsuit 10/30/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: MER
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/30/2007
Class Period Begin: 
11/01/2006
Class Period End: 
04/30/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/31/2007
Date Settled: 
08/04/2009
Settlement Amount: 
$475,000,000
Deadline to Participate in Settlement: 
01/04/2010
Summary: 

November 25, 2010 - The court ordered the authorization of the distribution of the net settlement fund.

March 26, 2010 - The court ordered the authorization of the distribution of the net settlement fund.

August 4, 2009 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

March 3, 2009 - Parties filed a stipulation of settlement and the court preliminarily approved the settlement.

March 3, 2009 - The court amended it's order on the motions to dismiss, dismissing only one of the derivative actions.

February 23, 2009 - The court granted the defendants' motions to dismiss in two derivative actions.

February 9, 2009 - Another defendant filed a motion to dismiss.

November 7, 2008 - Additional defendants filed motions to dismiss.

September 26, 2008 - Numerous defendants filed a motion to dismiss.

September 23, 2008 - The lead plaintiff filed a second amended consolidated complaint

August 5, 2008 - The lead plaintiff voluntarily dismissed any and all claims against particular defendants without prejudice.

July 22, 2008 - Additional defendants filed another motion to dismiss.

July 21, 2008 - Numerous defendants filed motions to dismiss.

May 21, 2008 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Merrill Lynch & Co Inc (NYSE: MER) common shares between October 17, 2006 through January 16, 2008. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between October 17, 2006 through January 16, 2008.

March 12, 2008 - The lead plaintiff and lead counsel were appointed and all Securities, ERISA (Employee Retirement Income Security Act) and Derivative cases were consolidated.

January 2, 2008 - Another lead plaintiff motion was filed.

December 31, 2007 - Lead plaintiff motions were filed.

October 30, 2007 through December 28, 2007 - Numerous additional investors filed complaints.

October 30, 2007 - An investor in shares of Merrill Lynch & Co Inc (NYSE: MER) filed a lawsuit in the U.S District Court for the Southern District of New York against Merrill Lynch & Co Inc over alleged violations of Federal Securities Laws between February 26, 2007 and October 23, 2007.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Merrill Lynch & Co Inc (NYSE: MER) between February 26, 2007 and October 23, 2007, that Merrill Lynch & Co Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements regarding Merrill Lynch & Co Inc's business and financial results. As a result of the allegedly false statements, Merrill Lynch & Co Inc stock traded at artificially inflated prices reaching a high of $95 in May 2007.

On October 24, 2007, before the market opened, Merrill Lynch & Co Inc was forced to publicly disclose the extent of their problems and shares of Merrill Lynch & Co Inc (NYSE: MER) declined from $67.12 per share to as low as $61.40.

In January of 2009, Merill Lynch & Co Inc was acquired by Bank of America Corporation.