Wednesday, April 1, 2009

Morgan Keegan Lawsuit

Morgan Keegan Lawsuit Filed

A lawsuit has recently been filed against Regions Morgan Keegan that alleges that the defendants did not disclose or misrepresented certain material facts regarding Funds to their investors. The Funds currently in question are the Select High Income Fund ("RHIIX") and the Select Intermediate Bond Fund ("MKIBX"). The Morgan Keegan lawsuit was filed on behalf of investors who acquired shares of either fund between December 6, 2004, and October 3, 2007.

The loss of value in these certain Morgan Keegan investment funds has had a noticeable impact on the people who invested in these funds. In most cases, the media highlights individuals that have lost hundreds of thousands of dollars in a stock crisis. However, there are even more people, who did not have a lot of money in the funds, but lost more than they could afford to.

Many investors have lost money when certain Morgan Keegan funds dropped dramatically in value. Even though some people may have only lost what some consider small amounts of money, that was money they worked hard for and will now have to attempt to recover. What's more, many investors are saying that they were told that the funds were safe and they are accusing Morgan Keegan of providing misleading information with regard to those funds.

Regardless of how much or how little money investors lost in Morgan Keegan funds, investors placed their money in these funds in good faith. Investors have a right to reclaim those funds if they believe they were misled regarding the safety and stability of the funds.

If you were invested in Morgan Keegan funds, it may be possible to regain some of your losses by filing a Regions Morgan Keegan lawsuit through securities fraud attorneys.

Monday, February 9, 2009

Fannie Mae Investor Lawsuit

Fannie Mae Investor Lawsuit

Only a day after the mortgage finance giant was seized by the U.S. government, a shareholder filed a class action lawsuit in the Southern District Court of New York against four of the  former top executives of Fannie Mae.  The Fannie Mae investor lawsuit allegs the former top executives issued both materially false and misleading statements regarding its business and investment prospects, as well as misrepresented its financial statements.

According to the lawsuit, the complaint alleges that certain Fannie Mae’s officers and/or directors committed violations of the Securities Exchange Act of 1934. The plaintiff charges that between November 16th, 2007 and September 5th, 2008, the defendants made both materially false and misleading regarding Fannie Mae’s business and prospects, as well as misrepresented the Company’s financial statements. These false and misleading statements caused Fannie Mae stock to trade at artificially inflated prices between November 16th, 2007 and September 5th, 2008, reaching as high as $40.69 per share. 

Allegedly on July 7th, 2008, a financial analyst at Lehman Brothers published a report that suggested Fannie Mae may need to raise as much as $46 billion in capital, which caused it's stock to plummet 16% in a single day. Immediately after that disclosure, a former St. Louis Federal Reserve Board President, William Poole, came forward with his opinion that Fannie Mae was nearly insolvent and The New York Times had disclosed that the government was making plans to place the company into a conservatorship.  The plaintiff alleged that from July 7th through July 14th, 2008, Fannie Mae’s stock price declined over 48%. 

According to the lawsuit “because of their positions within the company and their access to material non-public information available to them but not to the public, the individual defendants knew that the adverse facts specified herein had not been disclosed to and were being concealed from the public and that the positive representations being made were then materially false and misleading”.

If you were invested in Fannie Mae, it may be possible to regain some of your losses by filing a Fannie Mae investor lawsuit, through a securities fraud attorney.

Wednesday, February 4, 2009

Wachovia Evergreen Fund

Wachovia Evergreen Funds
- Huge Losses

If you were invested in the Wachovia Evergreen Fund, a poorly performing security that lost close to 20% of its original value between March and June 2008, you may be able to receive financial compensation for your losses. The Evergreen fund, which was touted by Wachovia as a way to earn steady income while still preserving your investment with little risk, was fully invested in shady sub-prime mortgage securities, which ultimately failed and cost the fund's investors hundreds of millions of dollars.

Evergreen Investments is the name of Wachovia’s investment management branch. The company’s Ultra Short Opportunities Fund lost most of its value just inside of three months time. On March 31, 2008, the fund had an estimated net asset value of $731.4 million. However, by June 19, 2008, the fund had tumbled to $403 million. An Evergreen representative quickly blamed the massive decline in value on “difficult market conditions.” Recently, Wachovia announced liquidation plans that included selling off Evergreen Ultra Short Opportunities Fund shares for $7.48.

Ultra-short funds, like the Evergreen fund, were promoted to investors as safe alternatives to money-market accounts that often provided higher returns because they took more risk. The Evergreen Ultra Short Opportunities Fund is listed under the following symbols: EUBAX, EUBBX, EUBCX and EUBIX.

If you were invested in Wachovia Evergreen Fund, it may be possible to regain some of your losses by filing a Wachovia Evergreen Fund lawsuit, through a securities fraud attorney.

Wednesday, January 28, 2009

Lehman Brothers Lawsuit

Lehman Brothers Lawsuit Filed

A class action lawsuit against Lehman Brothers was filed recently on behalf of investors who had purchased Lehman Preferred Series “J” stock shares that were issued between February 5th 2008 and September 15th of 2008.

The Lehman Brothers lawsuit was filed against several Lehman executives, as well as firms that underwrote the offering. The lawsuit claims that misleading and false statements were made to investors about regarding the financial strength of the investment bank.

Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008, which caused substantial losses for investors. The institution's collapse actually began in 2007 shortly after the mortgage market crisis unfolded, as Lehman had invested heavily in subprime mortgages.

The Lehman Brothers lawsuit names the former CEO, other former Lehman directors, Bank of America, Citigroup, Merrill Lynch and other firms that underwrote the offering of the Lehman Preferred Series “J” shares.

In February of 2008, over 76 million of the Lehman Brother preferred shares were sold at around $25 each, a $1.9 billion offering. Shortly after the collapse of Lehman Brothers, the shares have plummeted to under 10 cents, meaning huge losses for investors.

The securities fraud attorneys working the Lehman Brothers lawsuit seek to regain losses on behalf of the investors that purchased the Lehman Preferred Series “J” stock shares.

Tuesday, January 27, 2009

Charles Schwab Yield Plus Fund

Charles Schwab Yield Plus Fund

Recent lawsuits against Charles Schwab regarding the Charles Schwab Yield Plus, allege that Charles Schwab and the funds' underwriter committed deliberately deceived investors about the inherent risk in the funds, which were packaged and sold as cash alternatives. In reality the Yield Plus funds were highly speculative and risky mortgage-related structured debt, according to the allegations.

The lawsuit also states that the funds' statements, included in their registration, didn't include required information and facts about the investments - most notably that the funds were highly vulnerable to becoming illiquid and that the net asset values were inflated and hhighly speculative.

If you were invested in Charles Schwab Yield Plus funds, it may be possible to regain some of your losses by filing a Charles Schwab Yield Plus lawsuit through securities fraud attorneys.