Stull, Stull & Brody Announces Class Action Lawsuit on Behalf of AIG International Group, Inc. 7.70% Series A5 Junior Subordinat
October 27 2008 - 1:15PM
Marketwired
Notice is hereby given that Stull, Stull & Brody filed a
lawsuit on October 27, 2008 in the United States District Court for
the Southern District of New York seeking class action status on
behalf of purchasers of 7.70% Series A5 Junior Subordinated
Debentures (NYSE: AVF) of American International Group, Inc. ("AIG"
or the "Company") pursuant and/or traceable to the Company's public
offering on December 11, 2007 (the "Offering").
If you purchased or acquired AIG 7.70% Series A5 Junior
Subordinated Debentures pursuant and/or traceable to the Offering,
you may apply to the Court to serve as lead plaintiff in the action
no later than December 9, 2008.
The Complaint asserts claims pursuant to Sections 11, 12(a)(2)
and 15 of the Securities Act of 1933 (the "Securities Act"), 15
U.S.C. Sections 77k, 77l and 77o against certain officers and
directors of AIG and certain Underwriters of the Offering. The
Underwriters include Citigroup Global Markets Inc. (NYSE: C),
Merrill Lynch & Co., Inc. (NYSE: MER), Morgan Stanley & Co.
Inc. (NYSE: MS), UBS Securities LLC (NYSE: UBS), Wachovia Capital
Markets, LLC (NYSE: WB), Bank of America Securities LLC (NYSE:
BAC), Bear, Stearns & Co. Inc., The Bear Stearns Companies,
LLC, RBC Capital Markets and Wells Fargo Securities (NYSE:
WFC).
The Complaint asserts that AIG's Prospectus issued in connection
with the Offering contained material misstatements and omissions,
which Plaintiffs and the proposed Class relied upon to their
detriment. The representations made in the Company's Prospectus
were materially false and misleading because at the time of the
Offering AIG was already suffering from several adverse factors
that were not revealed and/or adequately addressed in the
Prospectus. These factors include, but are not limited to, the fact
that, contrary to the representations contained in the Prospectus:
(i) AIG did not have a relatively small exposure to loss associated
with credit swaps sold by certain variable interest entities; (ii)
AIG's exposure to loss associated with credit protection assumed by
AIG Financial Products Corp. and AIG trading Croup Inc., including
their respective subsidiaries ("AIGFP") on portfolios of loans or
debt securities was not remote, even in severe recessionary market
scenarios; and (iii) AIG's financial statements and financial
information, as contained in and incorporated by reference into the
Prospectus, were not presented in conformity with generally
accepted accounting principles ("GAAP").
A lead plaintiff is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
members claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Stull, Stull & Brody, or other
counsel of your choice, to serve as your counsel in this action.
Stull, Stull & Brody has litigated many class actions for
violations of securities laws in federal courts over the past 30
years and has obtained court approval of substantial settlements on
numerous occasions. Stull, Stull & Brody maintains offices in
New York and Los Angeles.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Howard Longman, Esq. at Stull, Stull
& Brody by e-mail at TSVI@aol.com, or Tzivia Brody, Esq. at
SSBNY@aol.com, or by calling toll-free 1-800-337-4983, or by fax to
1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East
45th Street, New York, NY 10017. You can also visit our website at
www.ssbny.com.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
Contact: Howard Longman, Esq. Email Contact Tzivia Brody, Esq.
Email Contact 1-800-337-4983 fax: 1-212-490-2022 www.ssbny.com
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