Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of ING Groep N.V.
06 Mars 2009 - 9:16PM
Marketwired
Attorney Advertising. Notice is hereby given that a class action
has been commenced in the United States District Court for the
Southern District of New York on behalf of all persons who acquired
the 6.375% ING Perpetual Hybrid Capital Securities ("6.375%
Securities") and/or the 8.50% ING Perpetual Hybrid Capital
Securities ("8.50% Securities") (NYSE: ING) (NYSE: ISF) (NYSE: IGK)
(collectively, the "Securities") of ING Groep N.V. ("ING" or the
"Company") pursuant or traceable to a false registration statement
and two prospectuses (collectively, the "Registration Statement")
issued in connection with the Company's June 2007 and June 2008
offerings of the Securities, respectively (the "Offerings").
Stull, Stull & Brody has substantial experience representing
employees who suffered losses from purchases of their employer's
stock in their 401(k) plans. If you bought ING stock through your
ING retirement account and have information or would like to learn
more about these claims, please contact us.
The complaint charges ING, certain of its affiliates, certain of
its officers and directors, the underwriters of the Offerings and
its auditor with violations of the Securities Act of 1933. The
action seeks to recover damages on behalf of all persons who
acquired the 6.375% Securities and/or the 8.50% Securities of ING
pursuant or traceable to the Registration Statement issued in
connection with the Company's June 2007 and June 2008 Offerings
(the "Class").
The complaint alleges that defendants consummated the Offerings
pursuant to the false and misleading Registration Statement and
Prospectuses. Specifically, ING sold 41,800,000 6.375% Securities
at $25 per share for proceeds of over $1 billion in the June 2007
Offering and 80 million 8.50% Securities at $25 per share for
proceeds of approximately $2.0 billion in the June 2008 Offering.
The Registration Statement/Prospectuses incorporated ING's
financial results for 2005/2006 and 2006/2007. Then, after the
Offerings were completed, ING announced (EURO)2 billion in
impairment charges associated with its exposure to bad loans,
mortgage-related securities and other "pressurized" assets, causing
the prices of the Securities issued in the Offerings to
decline.
According to the complaint, the true facts which were omitted
from the Registration Statement were: (a) defendants' assets,
including loans and mortgage-related securities, were impaired to a
much larger extent than the Company had disclosed; (b) defendants
failed to properly record losses for impaired assets; (c) the
Company's internal controls were inadequate to prevent the Company
from improperly reporting the value of its assets; and (d) ING was
not as well capitalized as represented, and, notwithstanding the
billions of dollars raised in the Offerings, the Company would have
to raise an additional (EURO)10 billion by selling equity in the
Company to the Dutch government.
If you purchased or otherwise acquired ING securities pursuant
or traceable to the Registration Statement, you may wish to move
the Court to serve as lead plaintiff. Requests to be appointed lead
plaintiff must be filed by no later than April 6, 2009.
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 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 40
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 Aaron Brody, Esq. at Stull, Stull
& Brody by e-mail at SSBNY@aol.com, by calling toll-free
1-800-337-4983, or by fax at 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: Aaron Brody, Esq. Stull, Stull & Brody
ssbny@aol.com toll-free 1-800-337-4983 fax to 1-212-490-2022 Stull,
Stull & Brody 6 East 45th Street New York, NY 10017
www.ssbny.com
Ing Grp., N.V. Perpectual Hybrid Cap Secs (Netherlands) (NYSE:IGK)
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Ing Grp., N.V. Perpectual Hybrid Cap Secs (Netherlands) (NYSE:IGK)
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