Zwerling, Schachter & Zwerling, LLP Files Shareholder Class Action Against Converium Holding AG - CHR
October 13 2004 - 6:11PM
PR Newswire (US)
Zwerling, Schachter & Zwerling, LLP Files Shareholder Class
Action Against Converium Holding AG - CHR NEW YORK, Oct. 13
/PRNewswire/ -- Zwerling, Schachter & Zwerling, LLP ("Zwerling
Schachter") has filed a class action lawsuit in the United States
District Court for the Southern District of New York on behalf of
all persons and entities who purchased securities (ADSs) of
Converium Holding AG ("Converium" or the "Company") (NYSE:CHR)
between December 11, 2001 and July 20, 2004, inclusive (the "Class
Period"). The deadline to file a motion seeking to be appointed
lead plaintiff is December 3, 2004. If you wish to discuss this
action or have any questions concerning your rights and interests
with respect to these matters, please contact Zwerling Schachter
(Shaye J. Fuchs, Esq. or Jayne Nykolyn) at 1-800-721-3900 or by
e-mail at or . The complaint charges that Converium and two of its
officers, Dirk Lohmann, and Martin Kauer, violated Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder. Specifically, it alleges that the
defendants failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (a) that Converium maintained inadequate loss
reserves in its Converium North America subsidiary; (b) that the
Company did not, as it had announced, establish adequate loss
reserves to cover claims by Converium North America policy holders;
(c) that reserve increases announced by the Company during the
Class Period were materially insufficient; and (d) as a consequence
of the understatement of loss reserves, Converium's earnings and
assets were materially overstated during the Class Period. On July
20, 2004, the Company announced that its second quarter results
would be impacted by a reserve strengthening for US casualty
business and subsequent asset impairments on the balance sheet of
Converium North America. On this disclosure, shares of Converium
collapsed $11.12 per share, or approximately 44 percent, on July
20, 2004, to close at $13.90 per share. If you purchased
Converium's securities (ADSs) between December 11, 2001 and July
20, 2004, you may apply to serve as lead plaintiff. The lead
plaintiff is responsible for overseeing the prosecution of the
action and ensuring that the interests of the class are protected.
You may apply to be appointed lead plaintiff through Zwerling
Schachter. Zwerling Schachter concentrates in prosecuting class
actions nationwide on behalf of investors. The firm currently plays
a leading role in numerous major securities and complex commercial
litigations pending in federal and state courts and has offices in
New York City, Uniondale, New York, and Seattle, Washington. The
firm has been recognized by courts throughout the country as highly
experienced and skilled in complex litigation, particularly with
respect to federal securities class action litigation. DATASOURCE:
Zwerling, Schachter & Zwerling, LLP CONTACT: Shaye J. Fuchs,
Esq., , or Jayne Nykolyn, , both of Zwerling Schachter,
+1-800-721-3900 Web site: http://www.zsz.com/
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