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Siemens AG (NYSE: SI) Investor Securities Class Action Lawsuit 12/04/2009

  • If you purchased American Depositary Receipts (ADRs) of Siemens AG (NYSE: SI), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Siemens AG
Security
NYSE: SI

Case Name
Siemens AG Shareholders Class Action Lawsuit 12/04/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 31, 2011 - The court granted defendants' motion to dismiss.
July 23, 2010 - Defendants filed a motion to dismiss.

May 17, 2010 - The lead plaintiff filed an amended complaint on behalf of investors who purchased American Depositary Receipts (ADRs) of Siemens AG (NYSE: SI) between November 8, 2007 and March 17, 2008. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 8, 2007 and March 17, 2008.

February 17, 2010 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

February 5, 2010 - Lead plaintiff motions were filed.

December 4, 2009 - An investor in American Depositary Receipts (ADRs) of Siemens AG (NYSE: SI) filed a lawsuit in the U.S. District Court for the Eastern District of New York on behalf of purchasers of Siemens AG (ADR) (NYSE: SI) stock between November 8, 2007 and April 30, 2008 over alleged violations of the federal securities laws by Siemens AG.

According to the complaint the plaintiff alleges that Siemens AG violated the Securities Exchange Act of 1934 by issuing between November 8, 2007 and April 30, 2008, materially false and misleading statements concerning its ability to generate revenues and achieve earnings expectations once it had put an end to systemic and extensive fraud, bribery and other illegal and corrupt activities in order to obtain contracts or retain business. As the truth was revealed, Siemens AG shares declined, causing damages of billions of dollars to Siemens AG shareholders.

Siemens AG, located in Munich, Germany, is engaged in electronics and electrical engineering. Siemens AG is an integrated technology company with core activities in the fields of industry, energy and healthcare. Siemens AG operates in six segments: Industry, Energy, Healthcare, Equity Investments, Siemens IT Solutions and Services and Siemens Financial Services. Siemens AG reported in 2007 Total Revenue of $77.327billion with a Net Income of $5.725billion and in 2008 Total Revenue of $76.651billion with a Net Income of $2.292billion. Shares of Siemens AG (ADR: SI) traded recently at $89.68 per share, down from its 52weekHigh of $103.08 per share, $119 per share in August 08, and over $150 per share in the beginning of 2008.