UBS AG Case 5/28/2008

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): 
UBS AG
Case Name: 
UBS AG Case 5/28/2008
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: UBS
Lawsuit Overview
Type of Lawsuit: 
Civil Action
Date Filed: 
05/28/2008
Summary: 

Shareholders of the weapons producer Taser International Inc. have filed in in a Georgia state court a lawsuit against major Wall Street firms Bank of America Securities LLC, Bear Stearns Securities Corp., Credit Suisse USA Inc., Deutsche Bank Securities Inc.,Goldman Sachs Group Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC. The seventy-page Complaint accuses the defendant firms of violating Georgia’s Racketeer Influenced and Corrupt Organization (RICO) Act. The shareholders accuse Wall Street Firms of engaging in a conspiracy to manipulate the market for Taser stock through naked short selling resulting in the creation, loan and sale of counterfeit Tasershares.In general naked short selling involves the practice of selling stock short without borrowing or otherwise obtaining shares of that stock.When a firm short sells shares of the stock it does not possess or intend to obtain, but that sale can result in the creation of counterfeit shares because the short seller is in effect introducing additional shares into the market rather than engaging in a transaction using existing shares. The defendant alleges the defendant firms have flooded the market with these counterfeit shares.