UBS AG may have failed to properly warn investors that its financial condition was weaker than previously stated as UBS failed to timely write down sub prime real estate assets held on its balance sheet.
This is a securities fraud class action lawsuit against UBS AG and certain of its officers and directors.
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 class action complaint alleges that, during the Class Period, UBS issued numerous statements regarding the UBS' business and financial results. According to the class action complaint, these statements were materially false and misleading because they failed to disclose UBS' 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.
Name (Stock Symbol)
UBS AG (UBS)
UBS AG provides a range of financial products and services worldwide
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