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Australia and New Zealand Banking Group Limited (ADS) (OTC: ANZBY) Investor Securities Class Action Lawsuit 12/29/2008

  • If you purchased American Depositary Shares of Australia and New Zealand Banking Group Limited (OTC: ANZBY), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Australia & New Zealand Banking Group Ltd.
Security
OTC: ANZBY

Case Name
Australia & New Zealand Banking Group Shareholder Class Action Lawsuit 12/29/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 23, 2010 - The court ordered the case closed with prejudice.
December 14, 2009 - The court granted the defendants' motion to dismiss.

October 29, 2009 - The lead plaintiff filed a corrected amended complaint.

July 2, 2009 - The defendants filed a motion to dismiss.

May 26, 2009 - The lead plaintiff filed an amended consolidated complaint on on behalf of investors who purchased American Depositary Shares (ADS) of Australia and New Zealand Banking Group Limited (OTC: ANZBY) between November 1, 2006 and July 27, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 1, 2006 and July 27, 2008.

April 1, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

February 27, 2009 - A lead plaintiff motion was filed.

December 29, 2008 - An investor in American Depositary Shares (ADS) of Australia and New Zealand Banking Group Limited (OTC: ANZBY) filed a lawsuit in the U.S. District Court for the Southern District of New York against Australia and New Zealand Banking Group Limited over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 2, 2007 through July 27, 2008.

According to the complaint the plaintiff alleges that Australia and New Zealand Banking Group Limited and its top executives violated Federal Securities Laws by failing to adequately disclose the range of risks arising from its loans to Opes Prime Group Limited, an Australian stock brokerage firm that lent money to customers on margin. The plaintiff accuses Australia and New Zealand Banking Group Limited of lending hundreds of millions of dollars to this failed brokerage house, but without adequate disclosure of the risks the loans posed to Australia and New Zealand Banking Group Limited. The day before Australia and New Zealand Banking Group Limited announced its losses stemming from exposure to Opes Prime, its stock (ADS) of Australia and New Zealand Banking Group Limited (OTC: ANZBY) closed at a high of $17.24. The following day, after Australia and New Zealand Banking Group Limited's announcement, OTC: ANZB stock price dropped to $14.57.

Australia and New Zealand Banking Group Limited serves retail customers in Australia and the Pacific, and Australia's leading finance company, Esanda. Its services include retail banking, regional, rural and small business banking, mortgages, consumer finance (including credit cards) and investment and insurance products.

Australia and New Zealand Banking Group Limited is headquartered in Melbourne, Australia.