UBS AG (NYSE: UBS) Investor Securities Class Action Lawsuit 06/22/2012

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Company Name(s): 
UBS AG
Case Name: 
UBS AG Shareholder Class Action Lawsuit 06/22/2012
Case Status: 
Case Dismissed
Affected Securities
NYSE: UBS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/22/2012
Class Period Begin: 
11/17/2009
Class Period End: 
09/15/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/21/2012
Case Dismissed: 
12/13/2013
Summary: 

December 13, 2013 - The court granted the defendants' motion to dismiss and terminate this action.

March 26, 2013 - The defendants' filed a motion to dismiss.

March 4, 2013 - The lead plaintiff filed an amended consolidated complaint.

November 7, 2012 - The defendants filed a motion to dismiss.

October 1, 2012 - The lead plaintiffs filed an amended complaint.

August 30, 2012 - The lead plaintiffs and lead counsel were appointed.

August 21, 2012 - A lead plaintiff motion was filed.

June 22, 2012 - An investor in shares of UBS AG (NYSE: UBS) filed a lawsuit in the U.S. District Court for the Southern District of New York against UBS AG over alleged violations of Federal Securities Laws between between March 15, 2011 and September 15, 2011.

UBS AG reported on Dec. 12, 2010 a Net Income of $7.53billion after it had to report in 2009 $2.73billion Net Loss, respectively on Dec. 31, 2008 $21.29billion Net Loss.

Even though shares of UBS AG (NYSE: UBS) traded in 2007 at almost as high as $62 per share and fell in 2009 to as low as $7.72 per share on March 6, NYSE: UBS shares were able to gain value in the first half of 2011 from $16.71 on Jan 3rd to $20 per share on April 29, 2011.

However since the end of April NYSE: UBS shares fell to slightly above $14.50 per share in the beginning of September 2011.

Then on September 15, 2011, UBS AG said that it has discovered a loss due to unauthorized trading by a trader in its Investment Bank. UBS AG said the matter is still being investigated, but UBS AG's current estimate of the loss on the trades is in the range of USD 2 billion. It is possible that this could lead UBS AG to report a loss for the third quarter of 2011.

The same day it was reported by several media outlets that City of London police detained a 31year old trader, who reportedly worked for the bank’s equities allotment in London. On September 16, 2011 it was reported that the 31-year-old Kweku Adoboli, an employee of the London UBS Exchange Traded Funds (ETF) business, who is the son of a retired United Nations employee from Ghana, was arrested on Sept. 16, 2011 on suspicion of fraud. One media outlet said that Adoboli’s fiscal misconduct took place between October 2008 and December 2009, and January 2010 and September 2011.