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CASES

ING Groep N.V.

Class Period: After Jun 1, 2007

Lead Plaintiff Deadline: Apr 6, 2009 + Deadline passed

Summary of Case:

A securities class action has been filed against ING Groep N.V. ("ING" or the "Company") on behalf of all persons who acquired the 6.375% ING Perpetual Hybrid Capital Securities ("6.375% Securities") and/or the 8.50% ING Perpetual Hybrid Capital Securities ("8.50% Securities") (collectively, the "Securities") of ING pursuant or traceable to a false registration statement and two prospectuses (collectively, the "Registration Statement") issued in connection with the Company's June 2007 and June 2008 offerings of the Securities, respectively (the "Offerings").

The Complaint alleges that the defendants consummated the Offerings pursuant to the false and misleading Registration Statement and Prospectuses. Specifically, ING sold 41,800,000 6.375% Securities at $25 per share for proceeds of over $1 billion in the June 2007 Offering and 80 million 8.50% Securities at $25 per share for proceeds of approximately $2.0 billion in the June 2008 Offering. The Registration Statement/Prospectuses incorporated ING's financial results for 2005/2006 and 2006/2007. Then, after the Offerings were completed, ING announced 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.

According to the complaint, the true facts which were omitted from the Registration Statement were: (a) defendants' assets, including loans and mortgage-related securities, were impaired to a much larger extent than the Company had disclosed; (b) defendants failed to properly record losses for impaired assets; (c) the Company's internal controls were inadequate to prevent the Company from improperly reporting the value of its assets; and (d) ING was not as well capitalized as represented, and, notwithstanding the billions of dollars raised in the Offerings, the Company would have to raise an additional 10 billion by selling equity in the Company to the Dutch government.

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.