A settlement was reached in the lawsuit filed on behalf of certain investors of American International Group Inc (NYSE: AIG) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: May 5, 2015. NYSE: AIG investors should contact the Shareholders Foundation or send an email to firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 12/10/2014 -- A deadline is coming up on May 5, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of American International Group Inc (NYSE: AIG) between March 16, 2006 and September 16, 2008.
Investors who purchased a significant amount of shares of American International Group Inc (NYSE: AIG) between March 16, 2006 and September 16, 2008, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the American International Group Inc (NYSE: AIG) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/american-international-group-inc-nyse-aig-investor-securities-class-action-lawsuit-05212008
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is May 5, 2015. The class action administrator for this case is Gilardi & Co LLC.
The lawsuit was originally filed in in the U.S. District Court for the Southern District of New York against American International Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 11, 2007 and May 9, 2008.
The complaint alleges that, between May 11, 2007 and May 9, 2008, American International Group Inc and the individual defendants, including the Chief Executive Officer, Executive Vice President and Chief Financial Officer, Senior Vice President and Chief Risk Officer, and the former head of American International Group Inc subsidiary American International Group Financial Products, violated Federal Securities Laws by issuing false and misleading press releases, financial statements, filings with the SEC and statements during investor conference calls. The plaintiff alleges that the defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder and that two Individual defendants violated Section 20(a) of the Exchange Act.
The complaint further alleges the defendants repeatedly reassured investors that American International Group Inc had successfully insulated itself from the recent turmoil in the housing and credit markets due to its superior risk management. In particular, defendants touted the security of American International Group Financial Products's "super senior" credit default swap ("CDS") portfolio, making numerous statements that this portfolio was secure and that American International Group Inc's method for accounting for the valuations of this portfolio accurately reflected its value.
The complaint continues, saying investors began to learn the truth regarding American International Group Inc's financial condition and American International Group Inc's exposure to the mortgage market when, on February 11, 2008, American International Group Inc disclosed that its outside auditor had determined that there was "material weakness in its internal control" over the financial reporting and oversight relating specifically to its accounting for the CDS portfolio, and that American International Group Inc was revising the loss valuations it previously reported. Under the new valuations, losses on the CDS portfolio more than quadrupled — from the $1.4 billion reported on the CDS portfolio just weeks before to over $4.5 billion. Two weeks later, on February 28, 2008, American International Group Inc disclosed that the market valuations on the CDS portfolio would increase to $11.5 billion and revealed for the first time that American International Group Inc had notional exposure of $6.5 billion in liquidity puts written on collateralized debt obligations ("CDOs") linked to the sub-prime mortgage market. Finally, on May 8, 2008, the Company disclosed that market valuation losses on the CDS portfolio for the quarter climbed an additional $9.1 billion, for a cumulative loss of $20.6 billion, and that American International Group Inc was expecting actual losses on the portfolio to be about $2.4 billion.
Those who purchased shares of American International Group Inc (NYSE: AIG) have certain options and should contact the Shareholders Foundation.
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