December 8, 2009 - The lead plaintiffs filed a stipulation of voluntary dismissal without prejudice. The court granted the stipulation of voluntary dismissal without prejudice.
November 16, 2008 - Another lead plaintiff motion was filed.

June 12, 2008 - Lead plaintiffs and lead counsel were appointed.

May 19, 2008 - Lead plaintiff motions were filed.

March 19, 2008 - An investor in Auction Rate Securities of Wachovia Corporation (NYSE: WB) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of persons who purchased Auction Rate Securities from Wachovia Corporation and Wachovia Securities, LLC, between March 19, 2003 and February 13, 2008.

Specifically, the complaint alleges that Wachovia Corporation violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.

The complaint alleges that, pursuant to uniform sales materials and top-down management directives, Wachovia Corporation offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the complaint, holders of auction rate securities sold by Wachovia Corporation and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Wachovia Corporation to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rates securities are set.

The complaint alleges that Wachovia Corporation failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because Wachovia Corporation and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Wachovia Corporation and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) Wachovia Corporation continued to market auction rate securities as liquid investments after it had determined that it and other broker dealers were likely to withdraw their support for the periodic auctions and that a “freeze” of the market for auction rate securities would result.