defendants made numerous and repeated material omissions and misstatements, including in AIG’s quarterly and annual financial statements, leading to the artificial inflation of AIG’s state financial assets.
Coral Gables, Fla. (Vocus) March 10, 2010
The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to all American International Group investors concerning the class action lawsuit (Case No. 04 CV 08141) filed in the United States District Court, Southern District of New York. On February 22, 2010, Judge Deborah A. Batts granted Lead Plaintiffs' Motion for Class Certification.
The class will consist of persons who purchased the publically traded securities of AIG between October 28, 1999, and April 1, 2005. The Lead Plaintiffs consist of the Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, and the Ohio Police & Fire Pension Fund. The securities fraud class action, filed in 2004, was commenced on behalf of persons who purchased the publically traded securities of AIG between 10/28/99 and 10/13/04.
The class action alleges that “defendants made numerous and repeated material omissions and misstatements, including in AIG’s quarterly and annual financial statements, leading to the artificial inflation of AIG’s state financial assets.” Prospective class members should consider whether an individual securities arbitration claim filed with the Financial Industry Regulatory Authority, (FINRA) is more effective than a class action for recovery of their investment losses.
Many investors were advised by their financial advisors that an investment in AIG stock was suitable. Brokerage firms are obligated to give, and investors are entitled to rely upon brokerage firms for, competent and suitable investment advice in accordance with FINRA Sales Practice Rules and Regulations. The Financial Industry Regulatory Authority, (FINRA) is a self regulating organization with sales practice rules and regulations that govern the securities industry’s conduct and safeguard the investing public. Recommendations of unsuitable investments and/or maintaining unprotected concentrated stock positions are both causes of action that may be available to investors against their full-service brokerage firm in an individual securities arbitration claim filed with FINRA. Furthermore, an individual securities arbitration claim may allow investors to claim larger losses in AIG based on higher share prices that prevailed prior to the class period.
The Securities Law Firm of Tramont Guerra & Núñez, PA is a nationally recognized,Martindale Hubbell “AV” rated securities law firm. To request a confidential consultation from a TGN attorney to determine whether you have a viable individual securities arbitration claim for investment losses that exceed $100,000 from a full service brokerage account, contact us on our website. To speak directly with an attorney, call (800) 578-0137 and ask for Ben Fernandez, Esquire.