MURRAY, FRANK & SAILER LLP Announces Class Action Lawsuit Against Barclays Bank PLC
NEW YORK (Businesswire) -- MURRAY, FRANK & SAILER LLP has filed a class action complaint, in the United States District Court for the Southern District of New York (No. 09-cv-2668), against Barclays Bank PLC ("Barclays Bank" or the "Company"), Barclays PLC ("Barclays"), certain of its officers and directors, and its underwriters, on behalf of a class of purchasers or acquirers of the Barclays Bank American Depositary Shares, Series 2, representing 6.625% Non-Cumulative Callable Dollar Preference Shares, Series 2, (the "Preferred Stock") pursuant to the Company's public offering in April 2006 (the "Offering").
The complaint alleges that defendants violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 by issuing a materially false and misleading registration statement, prospectuses, and other documents. These documents failed to disclose risks that: (a) Barclays' portfolio of mortgage-related securities was impaired to a much larger extent than had been disclosed; (b) defendants failed to properly record losses for impaired assets; (c) Barclays' internal controls were inadequate to prevent the Company from improperly reporting its mortgage-related investments; and (d) Barclays was not as well-capitalized as represented and would have to continually raise additional capital, which would dilute current holders and those investors purchasing the Preferred Stock in the Offering.
Plaintiffs seek to recover damages on behalf of class members and are represented by MURRAY, FRANK & SAILER LLP, a law firm with extensive experience in prosecuting shareholder lawsuits.
If you are a member of the class described above, you may move the Court, not later than May 4, 2009, to serve as lead plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. If you purchased the above-referenced Preferred Stock, or any other Barclays Bank securities, and wish to discuss this action, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP