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MF Global Holdings Ltd (NYSE: MF) Investor Securities Class Action Lawsuit 07/31/2008

  • If you purchased shares of MF Global Holdings Ltd (NYSE: MF), 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
MF Global Ltd
Security
NYSE: MF

Case Name
MF Global Shareholder Class Action Lawsuit 07/31/2008
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

April 10, 2009 - The court entered a judgment in favor of the defendants and dismissed the case with prejudice.
April 8, 2009 - The court reaffirmed its prior order to dismiss the case with prejudice.

December 30, 2008 - The court granted the defendants’ motion to dismiss the complaint.

September 29, 2008 - Lead plaintiff motions were filed.

September 19, 2008 - Defendants filed a motion to dismiss.

July 31, 2008 - An investor in shares of MF Global Holdings Ltd (NYSE: MF now trading on the OTC sheets as MFGLQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against MF Global Holdings Ltd over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges MF Global Holdings Ltd and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between March 17, 2008 and June 20, 2008 defendant issued materially false and misleading statements regarding MF Global Holdings Ltd's business and financial results.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding MF Global Holdings Ltd's capital and financial results and concealed the material deterioration in MF Global Holdings Ltd's business and the insufficiency of its capital, which would necessitate additional offerings of securities and dilution of the ownership interest of MF Global Holdings Ltd investors. As a result of defendants' false statements, MF Global Holdings Ltd (NYSE: MF) stock traded at artificially inflated prices during the Class Period, reaching a high of $14.98 per share in May 2008.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) MF Global Holdings Ltd's business was materially weaker than represented and MF Global Holdings Ltd would not be able to achieve the 15%-20% revenue growth projected for fiscal 2009; and (b) MF Global Holdings Ltd's capital would not be sufficient absent additional infusions which would dilute the ownership of current shareholders.

MF Global Holdings Ltd is a broker of exchange-listed futures and options.