CASES
Goldman Sachs Group, Inc. (2010)
Class Period: Mar 1, 2007 to Apr 16, 2010
Lead Plaintiff Deadline: Jun 25, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Goldman Sachs Group, Inc. (2010) (GS) ("Goldman" or the "Company") on behalf of all securities purchasers from March 1, 2007 through April 16, 2010, inclusive ("Class Period"), in the United States District Court for the Southern District of New York.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) the Company had, in violation of applicable law, not fully disclosed the facts and circumstances concerning the formation and sale of the ABACUS 2007-AC1 deal to investors such that it had engaged in misleading conduct; (ii) the Company had, in fact, bet against its clients and constructed collateralized debt obligations that were likely, if not designed, to fail; and (ii) the Company had received a Wells Notice from the SEC about the ABACUS transaction but failed to inform shareholders of this fact.
After the market opened on April 16, 2010, it was revealed that Goldman's U.S. broker-dealer, GS&C, had been sued by the SEC "for making materially misleading statements and omissions in connection" with ABACUS 2007-AC1. As news of Goldman's misconduct reached the market, Goldman stock immediately plummeted $24.05, declining from $184.27 per share on April 15, 2010 to close at $160.70 per share on April 16, 2010.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.