WASHINGTON - (BUSINESS WIRE)
The law firm of Cohen Milstein Sellers & Toll PLLC announced today that it has filed a class action complaint in the United States District Court for the Southern District of New York on behalf of purchasers of MF Global, Ltd. common stock (“MF Global” or “the Company”) (NYSE: MF) in its Initial Public Offering on July 19, 2007 and on the open market through February 28, 2008 (the “Class Period”).
The complaint asserts claims against defendants MF Global, Man Group plc, Kevin R. Davis, Amy S. Butte, Alison J. Carnwath, Christopher J. Smith, Christopher Bates, Henri J. Steenkamp, and Edward L. Goldberg for violations of Sections 11, 12(2), and 15 of the Securities Act of 1933. The complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO was materially false and misleading.
Specifically, the Registration Statement and Prospectus did not disclose the weaknesses of the Company’s risk management policies, procedures, and systems. As a result of these weaknesses, MF Global disclosed on February 28, 2008 that the unauthorized trading activity of one of its employees had caused the Company to incur a loss of $141.5 million. In response to this news, the price of MF Global’s common stock fell 40%, resulting in a loss to shareholders of more than $1,142,000,000.
If you purchased MF Global shares during the period from July 19, 2007 through February 28, 2008, inclusive, you may, no later than May 9, 2008, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the proposed class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600