Home

Siemens AG (ADR) Investors file Lawsuit against Siemens AG (SI)

 

If you purchased Siemens AG (ADR) (Public, NYSE:SI) stock during the period between November 8, 2007, through April 30, 2008 , you have certain options and there are strict and short deadlines running. Deadline: February 5, 2010. Those SI investors should contact the Shareholders Foundation, Inc.

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Siemens AG
Case Name: 
Siemens AG Shareholders Class Action 12/04/2009
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/04/2009
Class Period Begin: 
11/08/2007
Class Period End: 
04/30/2008
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
02/05/2010
Summary: 

An investor in SIEMENS A G ADR (NYSE: SI) filed a lawsuit in the United States District Court for the Eastern District of New York on behalf of purchasers Siemens AG (ADR) (Public, NYSE:SI) stock during the period between November 8, 2007, through April 30, 2008 over alleged violations of the federal securities laws by Siemens AG.

According to the complaint the plaintiff alleges that Siemens AG violated the Securities Exchange Act of 1934 by issuing between November 8, 2007, through April 30, 2008, materially false and misleading statements concerning its ability to generate revenues and achieve earnings expectations once it had put an end to systemic and extensive fraud, bribery and other illegal and corrupt activities in order to obtain contracts or retain business. As the truth was revealed, Siemens shares declined, causing damages of billions of dollars to Siemens shareholders.

Siemens AG, located in Munich, Germany, is engaged in electronics and electrical engineering. The Company is an integrated technology company with core activities in the fields of industry, energy and healthcare. Siemens operates in six segments: Industry, Energy, Healthcare, Equity Investments, Siemens IT Solutions and Services and Siemens Financial Services. Siemens AG reported in 2007 Total Revenue of $77.327billion with a Net Income of $5.725billion and in 2008 Total Revenue of $76.651billion with a Net Income of $2.292billion. Shares of Siemens AG (ADR: SI) traded recently at $89.68 per share, down from its 52weekHigh of $103.08 per share, $119 per share in August 08, and over $150 per share in the beginning of 2008.

St. Jude Medical, Inc. under Investigation - According to the investigation by a law firm the investigation on behalf of investors in St. Jude Medical, Inc. (Public, NYSE:STJ) focuses on potential violations of the federal securities laws by St. Jude Medical, Inc. (NYSE: STJ) based on whether a series of statements regarding St. Jude business, its prospects and its operations were materially false and misleading at the time they were made.
Pride International, Inc. Under Shareholder Investigation Over Alleged Corruption Practices - The Investigations reportedly show evidence of among others, close to $1 million in payments made to government officials in Venezuela and Mexico between 2003 and 2005.
UCBH Holdings, Inc. 8.50% Non-Cumulative Perpetual Convertible Series B Investors Investigation - UCBH Holdings announced on May 12, 2009, that UCBH was delaying the filing of its Quarterly Report with the Securities and Exchange Commission for the 2009 fiscal first quarter and, as a result of an ongoing assessment of the adequacy of its allowance for loan losses, additional general reserve provisions to its allowance for loan losses were possible, and that any additional provisioning would further increase its net loss for the quarter ended March 31, 2009.
CKE Restaurants, Inc. Investor Files Lawsuit Against Takeover - According to the complaint the plaintiff alleges breaches of fiduciary duty arising out of the attempt to sell CKE Restaurants, Inc. (NYSE:CKR) to Thomas H. Lee Partners.
Kingsway Financial Services Inc. (USA) under Shareholder Investigation - The investigation on behalf of Kingsway Financial Services Inc. (USA) (Public, NYSE:KFS) investors focuses on the following events: On October 19, 2009, Kingsway Financial Services Inc disclosed that it had disposed of its entire interest in Walshire General Insurance Company, the sole shareholder of Lincoln General, by donating 100% of the stock of Walshire General Insurance Company to a number of charity groups.
Facet Biotech Corporation Board Under Investigation - The investigation by la aw firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Facet Biotech arising out of their attempt to sell Facet Biotech Corporation to Abbott.
Rhonda Breard Investors Victims of Fraud - Rhonda Breard, a Kirkland broker, has been under investigation by law firms since millions of her clients' dollars went missing. Breard has built her career on targeting mostly wealthy clients. But Ms. Breard may have converted $8.31 million from more than 20 ING clients for her own personal use and to maintain an extremely lavish lifestyle at the expense of her investors.
Electronic Game Card, Inc. Investors Files Lawsuit Against EGMI - An investor in Electronic Game Card, Inc. (Public, OTC:EGMI) filed a lawsuit in United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired securities of Electronic Game Card, Inc. (OTCBB.EGMI) between April 5, 2007 and February 19, 2010.
SouthWest Water Company Board Under Investigation - SouthWest Water Co. attempts to sell SouthWest Water Company (NASDAQ:SWWC) to institutional investors. SouthWest Water Company, located in Los Angeles, California, operates and maintains water and wastewater infrastructure.
Terra Industries Inc. Investor Files Lawsuit Against TRA Board of Directors - A lawsuit has been filed in Iowa State Court on behalf of current investors in Terra Industries Inc. (Public, NYSE:TRA), who purchased their TRA shares before February 15, 2010, over alleged breach of their fiduciary duties.
RiskMetrics Group, Inc. Board Under Shareholder Investigation - On March 10, 2010, RiskMetrics Group, Inc. (NYSE: RISK) and MSCI Inc. (NYSE: MXB) announced that they have entered into a definitive merger agreement whereby MSCI Inc. (“MSCI”) will acquire RiskMetrics Group, Inc. (“RiskMetrics”) in a cash and stock transaction valued at $21.75 per share based on MSCI’s closing price of $29.98 per share on Friday, February 26, 2010.
Smith International, Inc. Investor Files Lawsuit Over Alleged Breach of Fiduciary Duty - On Sunday, February 21, 2010 Smith International, Inc. (NYSE: SII) and Schlumberger Ltd (NYSE: SLB) announced a definitive merger agreement in which the companies would combine in a stock-for-stock transaction under which Smith International, Inc shareholders (SII) will receive 0.6966 shares of Schlumberger Ldt (SLB) in exchange for each Smith International (SII) share or based upon....
Bowne & Co., Inc. Board of Directors Subject of Investigation - According to one investigation by a law firm “the transaction appears to be unfair” to current investors of Bowne & Co., Inc. (NYSE:BNE) because the “offer to purchase Bowne & Co., Inc. (BNE) at a value of $11.50 per share appears opportunistically timed to take advantage of the current economic downturn” and is “grossly unfair, inadequate, and substantially below the fair or inherent value of BNE”.
CKE Restaurants, Inc. Board of Directors Subject of Investigation - According to one investigation by a law firm “the transaction appears to be unfair” to current investors of CKE Restaurants, Inc. (Public, NYSE:CKR) because the offer is “grossly unfair, inadequate, and substantially below the fair or inherent value of CKE”.
Allegheny Energy, Inc. Investor Files Lawsuit Against AYE Board - According to the complaint the plaintiff alleges breach of fiduciary duty, that the transaction substantially undervalues Allegheny Energy shares, and that Allegheny Energy, Inc is selling itself too cheaply to First Energy, through an unfair process.
Nokia Corporation (ADR) Investors File US Lawsuit - An investor in Nokia Corporation (ADR) (Public, NYSE:NOK) filed a lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depository Shares of Nokia Corporation (NYSE:NOK) between January 24, 2008 and September 5, 2008, against Nokia Corporation and others over alleged violations of Federal Securities Laws.
Allegheny Energy, Inc. Board Under Investigation Over Breach of Fiduciary Duty - On February 11, 2010 Allegheny Energy, Inc. (NYSE:AYE) and FirstEnergy (NYSE:FE) announced that both companies’ boards of directors have unanimously approved a definitive agreement in which the companies would combine in a stock-for-stock transaction. Under the terms of the agreement, Allegheny Energy, Inc shareholders would receive 0.667 shares of FirstEnergy common stock (FE) in exchange for each share of Allegheny (AYE) they own.
Athenahealth, Inc Under Investigation Over Accounting Irregularities - Athenahealth announced that it is reducing reported earnings by some two cents a quarter, which would mean that instead of hitting consensus adjusted earnings forecasts of around 60 cents a share for the year, the number would come in at about 52 cents. Brean Murray Carret analyst Bret Jones discovered the mistake already last December and brought it to management's attention.
SUPERVALU INC. Former Employee Alert: ERISA Investigation - SUPERVALU INC. (SVU) has been accused of securities fraud and according to an investigation by a law firm under ERISA employees (former and current) of SUPERVALU INC. (Public, NYSE:SVU) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.
First Solar, Inc. Under Investigation Concerning Possible Accounting Irregularities - According to the investigation by a law firm the investigation focuses on reports of possible accounting irregularities at First Solar (NasdaqGS: FSLR). First Solar launched its initial public offerings in November 2006. According to an October 2, 2009 article in Barron’s, Gordon Johnson, a securities research analyst at Hapoalim Securities, warned in a research note issued to clients that First Solar may be guilty of “aggressive revenue recognition.”