State Street Corporation SSgA Yield Plus Fund (NASDAQ: SSYPX) Investor Securities Class Action Lawsuit 6/30/2008

If you purchased shares of SSgA Yield Plus Fund (NASDAQ: SSYPX), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
State Street Corporation
Case Name: 
State Street Corporation Shareholder Class Action Lawsuit 6/30/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: SSYPX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/30/2008
Class Period Begin: 
07/01/2005
Class Period End: 
05/31/2008
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
09/06/2012
Settlement Amount: 
$6,250,000
Deadline to Participate in Settlement: 
08/14/2012
Summary: 

May 2, 2012 - The court preliminarily approved the settlement.

March 27, 2012 - Parties filed a stipulation of settlement.

November 14, 2011 - The U.S. Court of Appeals for the Second Circuit granted the appeal and remanded the case back to the district court for the purpose of considering and approving a settlement agreement

April 29, 2011 - The lead plaintiff filed a notice of appeal.

March 31, 2011 - The court granted the defendants' motions to dismiss the case is dismissed with prejudice and ordered the case closed.

August 27, 2010 - The defendants filed motions to dismiss.

July 28, 2010 - The lead plaintiff filed a second amended complaint.

July 14, 2010 - The court granted the lead plaintiff's motion for reconsideration.

March 17, 2010 - The lead plaintiff filed a motion for reconsideration.

March 3, 2010 - The court entered a judgment dismissing the case with prejudice and ordered the case closed..

February 25, 2010 - The court granted the defendants motions' to dismiss.

March 11, 2009 - The defendants filed motions to dismiss.

February 13, 2009 - The lead plaintiff filed an amended complaint.

October 24, 2008 - All cases were consolidated into a multi-district case.

October 16, 2008 - The case was transferred to the U.S. District Court for the Southern District of New York.

September 2, 2008 - A lead plaintiff motion was filed.

June 30, 2008 - An investor in shares of SSgA Yield Plus Fund (NASDAQ: SSYPX) filed a lawsuit in the U.S. District Court for the District of Massachusetts against State Street Corporation who purchased shares of the SSgA Yield Plus Fund within the three years that preceded the filing of this lawsuit.

The complaint charges State Street Corporation and certain related entities, among others, with violations of the Securities Act. State Street Global Advisors (”SSgA”) is the investment advisor to the entire group of mutual funds under the State Street name.

On or about November 9, 1992, defendants began offering shares of the SSgA Yield Plus Fund (NASDAQ: SSYPX) pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the “Registration Statement”). The complaint alleges that defendants solicited investors to purchase shares of the SSgA Yield Plus Fund by making statements in the Registration Statement and subsequent supplemental prospectuses that described the “investment objective” of the SSgA Yield Plus Fund as investments “primarily in a diversified portfolio” with “high-quality debt securities” that include “high credit quality,” “sophisticated credit analysis” and “team based decision making by experienced investment professionals.” As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was so heavily invested in high-risk mortgage-related or mortgage-backed securities.

By June 11, 2007, defendants slowly began lowering the value of the share price for the Yield Plus Fund. Since then, the value of the Yield Plus Fund’s share price has been precipitously lowered. By December 12, 2007, the value of the per-share price was reduced to $8.01. The shares were trading as low as $6.60 at the time of the filing of the complaint.