Shareholder Class Action Filed Against Converium Holding AG by the Law Firm of Schiffrin & Barroway, LLP
05 Octobre 2004 - 3:20AM
PR Newswire (US)
Shareholder Class Action Filed Against Converium Holding AG by the
Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Oct. 4
/PRNewswire/ -- The following statement was issued today by the law
firm of Schiffrin & Barroway, LLP: Notice is hereby given that
a class action lawsuit was filed in the United States District
Court for the Southern District of New York on behalf of all
securities purchasers of Converium Holding AG (NYSE:CHR)
("Converium" or the "Company") from December 11, 2001 through July
20, 2004, inclusive (the "Class Period"). 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
Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J.
Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via
e-mail at . The complaint charges Converium, Dirk Lohmann, and
Martin Kauer with violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. More specifically, the complaint alleges that the
Company failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that Converium maintained inadequate loss
reserves in its Converium North America subsidiary; (2) that the
Company, contrary to representations, did not establish adequate
loss reserves to cover claims by Converium North America policy
holders; (3) that reserve increases announced by the Company during
the Class Period were materially insufficient; and (4) as a
consequence of the understatement of loss reserves, Converium's
earnings and assets were materially overstated at all relevant
times. On July 20, 2004, Converium announced that second quarter
results would be impacted by a reserve strengthening for US
casualty business and subsequent asset impairments on the balance
sheet of Converium Reinsurance. News of this shocked the market.
Shares of Converium fell $11.12 per share, or 44.44 percent, on
July 20, 2004, to close at $13.90 per share. On August 31, 2004,
Converium announced that the Company had completed external
actuarial review of Converium's reserves. On September 2, 2004,
Converium announced that following the announcement of the external
reserve review's outcome and resulting capital measures, Standard
& Poor's and A.M. Best have lowered their ratings on Converium
and its subsidiaries. On this news, shares of Converium fell an
additional $1.04 per share, or 10.51 percent, to close at $8.86 per
share. Plaintiff seeks to recover damages on behalf of class
members and is represented by the law firm of Schiffrin &
Barroway, which prosecutes class actions in both state and federal
courts throughout the country. Schiffrin & Barroway is a
driving force behind corporate governance reform, and has recovered
in excess of a billion dollars on behalf of institutional and high
net worth individual investors. For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com/ If you are a
member of the class described above, you may, not later than
December 3, 2004, move the Court to serve as lead plaintiff of the
class, if you so choose. 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 member's 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
Schiffrin & Barroway, or other counsel of your choice, to serve
as your counsel in this action. CONTACT: Schiffrin & Barroway,
LLP Marc A. Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza
East, Suite 400 Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or
1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin &
Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check,
Esq., Schiffrin & Barroway, LLP, +1-888-299-7706 or
+1-610-667-7706, Web site: http://www.sbclasslaw.com/
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