UBS AG Case 12/13/2007

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Company Name(s): 
UBS AG
Case Name: 
UBS AG Case 12/13/2007
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: UBS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/13/2007
Class Period Begin: 
03/13/2007
Class Period End: 
12/11/2007
Summary: 

According to a law firm press release dated December 13, 2007, a class action has been commenced on behalf of purchasers of UBS AG common stock.
The complaint charges UBS and certain of its officers and directors with violations of the Securities Exchange Act of 1934. UBS is a global investment banking and securities firm which provides a range of financial services, including advisory services, underwriting, financing, market making, asset management, brokerage and retail banking on a global level.
The complaint alleges that, during the Class Period, defendants issued numerous statements regarding the Company’s business and financial results. According to the complaint, these statements were materially false and misleading because they failed to disclose the Company’s failure to timely write-down impaired securities containing subprime debt.
On October 30, 2007, UBS issued a press release announcing its financial results for the third quarter of 2007. In the days following this announcement, the price of UBS stock declined to as low as $49.27 per share. Then, on December 10, 2007, UBS announced writedowns of around $10 billion as a result of its subprime mortgage related positions. Following this announcement, the price of UBS stock declined to $48.78 per share, a 26% decline from the Class Period high. Plaintiff seeks to recover damages on behalf of all purchasers of UBS common stock during the Class Period.