UBS AG UBS Securities Lawsuit

Company:	UBS AG
Ticker Symbol:	UBS
Class Period:	Mar-15-11 to Sep-15-11
Date Filed:	Jun-22-12
Lead Plaintiff Deadline:	Aug-21-12
Court:	Southern District of New York
Allegations:

San Diego, CA: A securities class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers on any U.S. exchange, or where title passed within the United States, of UBS AG ("UBS") publicly traded securities during the period between March 15, 2011 and September 15, 2011 (the "Class Period").

The complaint charges UBS and certain of its former officers and directors with violations of the Securities Exchange Act of 1934. UBS is a global financial services company. The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding UBS' disclosure controls, procedures and internal controls over financial reporting, stating that these controls and procedures were effective when, in fact, they were not. This became apparent on September 15, 2011, when UBS disclosed that a supposed rogue trader, Kweku Adoboli ("Adoboli"), had engaged in unauthorized trades on behalf of UBS that resulted in losses of $2.3 billion. As a result of this disclosure, the price of UBS stock dropped over 10% in a single day.

Subsequently, defendants stated in an SEC filing that "we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively"and "our previous evaluation stating that our disclosure controls and procedures were effective on 31 December 2010 . . . should no longer be relied upon."

On January 30, 2012, The Wall Street Journal reported that British and Swiss regulators were likely to begin enforcement proceedings against UBS for the gaps in oversight that had allowed Adoboli to make the trades at issue. On that same day, Adoboli pleaded not guilty to criminal charges in London.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

UBS AG UBS Securities Fraud Legal Help

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Published on Jun-25-12