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Another Bear Stearns Lawsuit
Apr 9, 2008 | Parker Waichman Alonso LLP
Bear Stearns, the investment bank that nearly collapsed last month, is the subject of another lawsuit. This time, liquidators of two Bear Stearns' hedge funds that failed last year are accusing the company of concealing that the two funds were "never designed to withstand even a slight downtick in the housing market.'' Bear Stearns is in the process of being acquired by JPMorgan Chase & Co, a transaction made possible by a massive bailout engineered by the Federal...
FTC Looking Bear at Stearns Mortgage Unit
Apr 2, 2008 | Parker Waichman Alonso LLP
The Federal Trade Commission (FTC) is the latest federal agency investigating doomed investment bank Bear Stearns. According to a recent filing with the Securities and Exchange Commission (SEC), Bear Stearns Cos' EMC Mortgage Corp unit has received a notice from the FTC that it may have violated laws regarding its servicing activities.Bear Stearns, once the fifth-largest U.S. investment bank, faced a run on the bank in March and was forced to sell itself to JPMorgan Chase &...
SEC Mulling Bear Stearns Probe
Mar 20, 2008 | Parker Waichman Alonso LLP
Bear Stearns, the investment bank recently rescued by a massive bailout engineered by the Federal Reserve, hasn't seen the end of its troubles. Already facing lawsuits by angry shareholders and employees whose stock in the company is worth far less than it was two weeks ago, Bear Stearns could also soon be subject of a probe by the Securities and Exchange Commission (SEC). According to the Associated Press, securities regulators have not ruled out legal action over potentially...
Stunning Bear Stearns Collapse Leaves Shareholders in the Lurch
Mar 18, 2008 | Parker Waichman Alonso LLP
Bear Stearns, once one of the biggest investment banks on Wall Street, was acquired by JP Morgan Chase over the weekend in an effort to salvage the failing institution. The buyout of Bear Stearns by JP Morgan Chase - termed a "shotgun marriage" by some - was consummated after the Federal Reserve agreed to provide up to $30 billion in non-recourse financing to JP Morgan, with Bear Stearns' illiquid mortgage and other securities as collateral. When the dust settled, JP...
Auction Rate Preferred Shares Leave Investors Short
Feb 28, 2008 | Parker Waichman Alonso LLP
Auction rate preferred shares are the latest securities to be scrutinized by state regulators. These investment vehicles were sold by closed-end mutual funds, and lately, many investors have complained they are unable to sell their holdings, which were billed as a short-term investments by the firms that sold them. Once considered safe, auction rate preferred shares are the latest victim in the fallout of the subprime mortgage collapse.Auction rate preferred shares are long-term...
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