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Morgan Stanley & Co Inc (NYSE: MS) Investor Securities Class Action Lawsuit 03/25/2008

  • If you purchased shares of Morgan Stanley & Co Inc (NYSE: MS), 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
Morgan Stanley
Security
NYSE: MS

Case Name
Morgan Stanley Shareholder Class Action Lawsuit 03/25/2008
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
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Summary

March 2, 2009 - The lead plaintiff filed a notice of voluntary dismissal.
July 9, 2008 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 28, 2008 - An additional investor filed a complaint.

May 27, 2008 - Lead plaintiff motions were filed.

March 31, 2008 - Another investor filed a complaint.

March 25, 2008 - An investor in shares of Morgan Stanley & Co Inc (NYSE: MS) filed a lawsuit in the U.S. District Court for the Southern District of New York against Morgan Stanley & Co Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 25, 2003, and Feb. 13, 2008.

The complaint alleges that Morgan Stanley & Co Inc “deceptively marketed” auction-rate securities as cash alternatives to money-market funds for investors needing liquidity and failed to make material disclosures about those securities. The complaint is seeking injunctive relief to “compel Morgan Stanley to rescind millions of dollars in ARS transactions” and is seeking compensatory and punitive damages. The lawsuit is seeking class-action status on behalf of thousands of investors who acquired auction-rate securities from Morgan Stanley & Co Inc between March 25, 2003, and Feb. 13, 2008. Auction-rate securities are long-term bonds that have a short-term debt component, in which interest rates are reset in auctions on a daily, weekly or monthly basis. In February, several auctions failed, driving up the interest rates for issuers such as municipalities, student-loan providers and museums. The collapse of the auction-rate securities market has left investors locked into those illiquid investments.