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If you purchased 9% Junior Subordinated Notes of Prudential Financial Inc (NYSE: PHR), 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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February 19, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
December 7, 2011 - The court entered the order awarding attorneys’ fees and expenses
November 29, 2011 - The court approved the settlement and dismissed the action with prejudice.
November 14, 2011 - The court held a final settlement hearing.
August 5, 2011 - The court preliminarily approved the settlement.
August 4, 2011 - Parties filed a stipulation of settlement.
November 17, 2010 - Defendants filed motions to dismiss.
July 19, 2010 - The lead plaintiff filed an amended consolidated complaint.
June 29, 2010 - The court granted in part and denied in part defendants' motions to dismiss.
January 26, 2010 - More defendants filed motions to dismiss.
September 21, 2009 - Defendants filed motions to dismiss.
July 21, 2009 - The lead plaintiff filed an amended consolidated complaint.
May 22, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
May 11, 2009 - Lead plaintiff motions were filed.
April 14, 2009 - Another investor filed a complaint.
April 6, 2009 - Another investor filed a complaint.
March 12, 2009 - An investor in Prudential Financial Inc (NYSE: PHR) 9% Junior Subordinated Notes filed a lawsuit in the U.S. District Court for the District of New Jersey on behalf of all persons who acquired depositary shares of Prudential Financial Inc 9% Junior Subordinated Notes (NYSE: PHR) pursuant and/or traceable to a false and misleading registration statement and prospectus issued in connection with Prudential’s June 2008 initial public offering of Prudential Financial Inc 9% Junior Subordinated Notes against Prudential Financial Inc, certain of its officers and directors over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Prudential Financial Inc, certain of its officers and directors, the underwriters of the Offering and Prudential Financial Inc’s auditor violated the Securities Act of 1933. The plaintiff accuses that the defendants consummated the Offering pursuant to the false and misleading Registration Statement, selling 36.8 million shares of the Securities at $25 per share, for proceeds of over $920 million.
The Registration Statement incorporated Prudential Financial Inc’s financial results for 2007 and the first quarter of 2008. Prudential Financial Inc ultimately announced huge writedowns associated with its exposure to subprime mortgages and the goodwill on Prudential Financial Inc’s books associated with certain of its subsidiaries, causing the price of the Securities to decline.