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Societe Generale (OTC: SCGLY) Investor Securities Class Action Lawsuit 3/12/2008

  • If you purchased American Depositary Shares of Societe Generale (OTC: SCGLY), 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
Societe Generale
Security

Case Name
Societe Generale Shareholder Class Action Lawsuit 3/12/2008
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

September 30, 2010 - The court ordered, adjudged and decreed that the defendants' motion to dismiss was granted with prejudice and ordered the case closed.
April 15, 2010 - The defendants filed a motion to dismiss.

January 8, 2010 - The lead plaintiff filed a second amended complaint.

December 18, 2008 - The defendants filed motions to dismiss.

October 17, 2008 - The lead plaintiff filed an amended complaint.

August 12, 2008 - The lead plaintiff and lead counsel were appointed.

June 27, 2008 - All cases were consolidated.

May 12, 2008 - Lead plaintiff motions were filed.

March 19, 2008 - An additional investor filed a complaint.

March 14, 2008 - Another investor filed a complaint.

March 12, 2008 - An investor in American Depositary Shares of Societe Generale (AMEX: GLE) filed a lawsuit against Societe Generale over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 1, 2005 and January 23, 2008.

The complaint alleges that Societe Generale violated the Securities Exchange Act of 1934 by misleading investors regarding its activities and exposure in the subprime mortgage markets, and its lack of sufficient internal controls and failure to act on information it had regarding the highly irregular and unauthorized trades by its Delta One derivative trading desk, handled by junior trader Jerome Kerviel. The case also involves alleged insider trading by Societe Generale’s top U.S. executive and board member, Robert A. Day. Specifically, the complaint charges that between August 1, 2005 and January 23, 2008 Societe Generale: (1) made false and misleading statements and concealed material adverse information regarding Societe Generale’s exposure to subprime loans, collateralized debt obligations (“CDOs”) and Societe Generale’s internal controls; (2) touted Societe Generale’s conservative management, risk control, and expertise in risk analysis and structured finance, including CDO vehicles; (3) misled investors by announcing that it had “very little exposure” to the subprime segment; and (4) ignored or failed to act upon numerous alerts which should have led to the uncovering of Jerome Kerviel’s massive irregular trading activity from 2005 through early 2008.

The complaint further claims that the result of this fraudulent activity was that Societe Generale had to take write downs of close to $4 billion relating to the subprime market, and $7 billion in losses due to the highly risky and irregular trading by Kerviel, which caused a dramatic drop in share price and significant losses to investors.