UBS Securities
On February 1 2008, it was announced that a class action suit will be launched against UBS by law firm Charles H. Johnson & Associates in the Southern District of New York. This lawsuit is made on behalf of the purchasers of UBS AG publicly traded securities during the class period of March 13 2007 to December 11 2007.
The complaint says that UBS released numerous business and financial statements that were false and misleading as these reports did not disclose UBS’ failure to timely write-down impaired securities that contained subprime debt.
On October 30 2007, UBS gave out a press release stating its financial results for the third quarter of 2007. Soon after this announcement, UBS stock declined to as low as $49.27 per share.
Subsequently, UBS announced write-downs of around $10 billion as a result of its subprime mortgage-related positions on December 10 2007. This led to the further decline of UBS stock to $48.78 per share, a total of a 26 per cent decline from the class period high.
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