Gibbs Law Group LLP Files Class Action Lawsuit Filed Against Royal Bank of Scotland Group PLC (NYSE: RBS) (SERIES T ADS)
January 30, 2009
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 The Royal Bank of Scotland Group plc (“RBS”) (NYSE:RBS) Series T American Depositary Shares (“ADSs”). These shares were issued in connection with RBS’s September 20, 2007 initial public offering of 58 million Series T ADSs (also referred to as “Non-cumulative Dollar Preference Shares”) pursuant to a false and misleading registration statement, prospectus and prospectus supplement (collectively, the “Registration Statement”).
The class action, entitled Wacksman v. The Royal Bank of Scotland Group plc, et al., 09-cv-857, is pending in the United States District Court for the Southern District of New York. It charges RBS and certain of its officers and directors and the underwriters of the offering with violations of the Securities Act of 1933.
If you would like to serve as lead plaintiff in this action, you must move the Court no later than March 23, 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 their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that defendants consummated the Series T ADS offering pursuant to a false and misleading Registration Statement, selling 58 million Series T ADSs at $25 per share, for proceeds of approximately $1.45 billion. Soon thereafter, RBS announced multi-billion pound impairment charges associated with its exposure to debt securities, including mortgage-related securities tied to the U.S. real estate markets, causing the price of RBS’s Series T ADSs issued in the Offering to decline. In November 2008, the British government acquired majority control of RBS, and the ADSs now trade at
approximately $6 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of RBS Series T ADSs pursuant and/or traceable to the Registration Statement for the Offering. 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 or to view a copy of the class action complaint, please access the firm’s website, www.girardgibbs.com/royal-bank-of-scotland-rbs-lawsuit/. To discuss this class action with us, please contact the following attorneys: