MURRAY, FRANK & SAILER LLP Announces Class Action Lawsuit Against ING Groep N.V.
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-2667), against ING Groep N.V. ("ING" or the "Company"), certain of its affiliates, officers and directors, and underwriters, on behalf of a class of purchasers or acquirers of 6.375% ING Perpetual Hybrid Capital Securities ("Securities") issued pursuant to or traceable to the Company's June 2007 public offering (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) defendants' assets, including loans and mortgage-related securities, were impaired to a much larger extent than the Company had disclosed; (b) defendants failed to properly record losses for impaired assets; (c) The Company's internal controls were inadequate to prevent the Company from improperly reporting the value of its assets; and (d) ING was not as well capitalized as represented, and, notwithstanding the billions of dollars raised in the Offerings, the Company would have to raise an additional €10 billion by selling equity in the Company to the Dutch government.
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 April 20, 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 Securities, or any other ING 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