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If you purchased shares of Blackstone Group LP (The) (NYSE: BX), you might have certain options and should contact the Shareholders Foundation, Inc.
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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
Settlement Overview
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December 18, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
August 30, 2013 - The court preliminarily approved the settlement.
August 28, 2013 - Parties filed a stipulation of settlement.
August 13, 2013 - The court ordered on count II of plaintiffs' amended consolidated complaint dismissed, with prejudice.
April 11, 2011 - The U.S. Court Of Appeals for The Second Circuit ordered, adjudged and decreed that the
judgment of the district court if vacated and remanded for further proceedings.
October 23, 2009 - The plaintiffs filed a notice of appeal.
September 22, 2009 - The court granted the defendants' motion to dismiss.
December 4, 2008 - The defendants filed a motion to dismiss.
October 27, 2008 - The lead plaintiffs filed an amended consolidated complaint.
September 22 - All cases were consolidated.
September 15, 2008 - The lead plaintiffs and lead counsel were appointed.
June 16, 2008 - Lead plaintiff motions were filed.
June 16, 2008 - Another investor filed a complaint.
May 1, 2008 - Another investor filed a complaint.
April 23, 2008 - Another investor filed a complaint.
April 15, 2008 - An investor in shares of Blackstone Group LP (The) (NYSE: BX) filed a lawsuit in the U.S. District Court for the Southern District of New York against Blackstone Group (The) over alleged violations of Federal Securities Laws.
The plaintiff alleges that, purchasers of the common stock of Blackstone Group LP (The) pursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.
March 10, 2008 - Blackstone Group LP (The) issued a press release announcing its financial results for the full year of 2007 and the fourth quarter of 2007, the periods ending December 31, 2007. Among other disclosures, Blackstone Group LP (The) announced that it was writing down its investment in Financial Guaranty Insurance Company by $122 million. As of April 15, 2008, Blackstone Group LP (The) common stock traded in a range of $17-$17.50 per share, approximately 45% below the IPO price of $31.00 per share.
The complaint alleges that the Registration Statement failed to disclose that certain of the Company’s portfolio companies were not performing well and were of declining value and, as a result, Blackstone Group LP (The) equity investment was impaired and the Company would not generate anticipated performance fees on those investments or would have fees “clawed-back” by limited partners in its funds.
According to the complaint, on or about June 21, 2007, Blackstone Group LP (The) filed with the SEC a Form S-1/A Registration Statement (the “Registration Statement”), for the IPO. On or about June 25, 2007, the Prospectus (the “Prospectus”) with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 133 million shares of Blackstone Group LP (The)'s common stock were sold to the public at $31 per share, thereby raising more than $4 billion.
Specifically, the complaint charges Blackstone Group LP (The) and certain of its officers and directors with violations of the Securities Act. Blackstone Group LP (The), through its subsidiaries, provides alternative asset management and financial advisory services worldwide.