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Lloyds Banking Group PLC (ADS) (NYSE: LYG) Investor Securities Class Action Lawsuit 11/23/2011

  • If you purchased American Depositary Shares of Lloyds Banking Group PLC (NYSE: LYG), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Lloyds Banking Group PLC (ADR)
Security
NYSE: LYG

Case Name
Lloyds Banking Group Shareholder Class Action Lawsuit 11/23/2011
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

November 6, 2013 - The U.S. Court of Appeals for the Second Circuit affirmed the decision of the district court.
February 14, 2013 - The court denied the plaintiff's motion for reconsideration.

November 16, 2012 - The plaintiff filed a notice of appeal.

November 5, 2012 - The plaintiff filed a motion for reconsideration.

October 17, 2012 - The court issued a judgment in favor of the defendants and ordered the case closed.

October 16, 2012 - The court granted the defendants motion to dismiss.

March 19, 2012 - An amended complaint was filed.

March 7, 2012 - A lead plaintiff motion was filed.

November 23, 2011 - An investor in American Depositary Shares (ADS) of Lloyds Banking Group PLC (NYSE: LYG) filed a lawsuit in the U.S. District Court for the Southern District of New York against Lloyds Banking Group PLC (formerly Lloyds TSB, PLC) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 1, 2008 and February 27, 2009.

Lloyds Banking Group PLC's Net Income fell from $3.28 billion for 2007 to a Net Loss of $320 million for 2010. During the first 6 months in 2011 Lloyds Banking Group PLC reported a Net Loss of $2.3 billion.

On September 18, 2008, Lloyds Banking Group PLC announced that it had reached an agreement to acquire the Halifax Bank of Scotland.

The plaintiff claims that unbeknownst to the public, however, beginning on October 1, 2008, the Halifax Bank of Scotland was insolvent, and received Emergency Liquidity Assistance from the Bank of England.

Then on October 13, 2008, Lloyds Banking Group PLC and Halifax Bank of Scotland announced revised terms to the acquisition and on November 19, 2008, the acquisition was approved by shareholders of Lloyds Banking Group PLC. A similar vote of shareholders Halifax Bank of Scotland on December 12, 2008 resulted in approval of the takeover.

The plaintiff claims that on or about November 24, 2009, the Bank of England revealed the Emergency Liquidity Assistance that it had extended to Halifax Bank of Scotland.

On February 13, 2009 Lloyds Banking Group PLC reported that the Halifax Bank of Scotland had suffered a worse-than-expected £10 billion loss in 2008 and on February 27, 2009, Lloyds Banking Group PLC confirmed that Halifax Bank of Scotland sustained a pre-tax loss of £10.8 billion in 2008, and that it had been plagued by £9.9 billion of bad loans.

Shares of Lloyds Banking Group PLC (ADS) (NYSE: LYG) traded in 2007 as high as $45.77 per share and fell during 2008 to as low as $7.18 per share and continued to decline to as low as $2.29 per share in March 2009.

Lloyds Banking Group PLC (NYSE: LYG) shares increased shortly before the 41:40 split on May 6, 2009. However, recently LYG shares traded as low as $1.52 per share.