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ING Groep NV (NYSE: ISF; NYSE: IGK) Investor Securities Class Action Lawsuit 02/05/2009

  • If you purchased shares of ING Groep NV (NYSE: ISF; NYSE: IGK), 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
ING
Security
NYSE: IGK
NYSE: ISF

Case Name
ING Shareholder Class Action Lawsuit 02/05/2009
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

December 26, 2013 - The U.S. Court of Appeals for the Second Circuit affirmed the district court's October 12, 2012 decision.
November 8, 2012 - The lead plaintiffs filed a notice of appeal.

October 12, 2012 - The court entered a judgment in favor of the defendants' and closed the case.

October 11, 2012 - The court granted defendants' motion to dismiss.

September 11, 2012 - More defendants' filed a motion to dismiss.

September 14, 2010 - The court granted defendants' motion to dismiss.

November 5, 2009 - Defendants filed a motion to dismiss.

September 25, 2009 - The lead plaintiffs filed an amended consolidated complaint.

May 19, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

April 6, 2009 - Lead plaintiff motions were filed.

March 30, 2009 - The plaintiff filed a notice of voluntary dismissal of a certain defendant without prejudice.

February 5, 2009 - An investor with ING Groep NV filed a lawsuit against ING Groep NV in the U.S. District Court for the Southern District of New York on behalf of all persons who acquired the 6.375% ING Perpetual Hybrid Capital Securities and/or the 8.50% ING Perpetual Hybrid Capital Securities (NYSE: ISF; NYSE: IGK) of ING Groep NV pursuant or traceable to a false registration statement and two prospectuses issued in connection with ING Groep NV’s June 2007 and June 2008 offerings of the Securities.

According to the complaint the plaintiff alleges that ING Groep NV, certain of its affiliates, certain of its officers and directors, the underwriters of the Offerings and its auditor violated the Securities Act of 1933 by issuing false and misleading Registration Statement and Prospectuses. Specifically, ING sold 41,800,000 6.375% Securities at $25 per share for proceeds of over $1 billion in the June 2007 Offering and 80 million 8.50% Securities at $25 per share for proceeds of approximately $2.0 billion in the June 2008 Offering. The Registration Statement/Prospectuses incorporated ING Groep NV’s financial results for 2005/2006 and 2006/2007. Then, after the Offerings were completed, ING Groep NV announced $2 billion in impairment charges associated with its exposure to bad loans, mortgage-related securities and other “pressurized” assets, causing the prices of the Securities issued in the Offerings to decline.