San Francisco, CA- The law firm of Gibbs Law Group LLP (www.GirardGibbs.com) has filed a class action lawsuit on behalf of purchasers of 7.375% ING Perpetual Hybrid Capital Securities (NYSE: IDG) of ING Groep N.V. (“ING”). It charges global financial services company ING and certain of its affiliates, officers and directors, and the underwriters of the offerings with violations of the Securities Act of 1933.
The class action, entitled Hathorn v. ING Groep N.V., et al, 09-cv-1820, is pending in the United States District Court for the Southern District of New York. If you would like to serve as lead plaintiff in this action, you must move the Court no later than April 20, 2009. If you wish to discuss this action or have any questions concerning your rights as an investor, please contact Gibbs Law Group LLP or call 866-981-4800. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that ING consummated the offerings pursuant to a false and misleading registration statement and prospectuses. Specifically, ING sold shares of 7.375% Securities (NYSE: IDG) for proceeds of over $1.45 billion in the September 2007 offering. The registration statement and prospectuses incorporated ING’s financial results for 2005/2006 and 2007 through September. After ING completed the offerings, the company announced EUR 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.
Gibbs Law Group LLP is one of the nation’s leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations. For more information, please access the firm’s web site, www.GirardGibbs.com. To discuss this class action with us, please contact the following attorneys:
601 California Street, 14th Floor
San Francisco, CA 94108
Phone number: (866) 981-4800