Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in ING Groep N.V. to Inquire About the L
February 18 2009 - 4:16PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Southern District of New York on behalf of all
persons who acquired the 6.375% ING Perpetual Hybrid Capital
Securities (NYSE: ISF) and/or the 8.50% ING Perpetual Hybrid
Securities (NYSE: IGK) (collectively, the "Securities") of ING
Groep N.V. ("ING" or the "Company") pursuant or traceable to the
Company's offering of those securities in June 2007 and June 2008,
respectively (the "Offerings").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than April 6, 2009 and be selected by the Court.
The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and
how much of a settlement to accept for the Class in the action. The
lead plaintiff will be selected from among applicants claiming the
largest loss from investment in the Securities pursuant or
traceable to the Offerings. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/986-0036) to answer any questions
you may have in that regard.
The complaint accuses the defendants of violations of the
Securities Act of 1933 by virtue of the Company's failure to
disclose, in the registration statements and prospectuses issued in
connection with the Offerings, EUR 2 billion in impairment charges
associated with its exposure to bad loans, mortgage-related
securities and other "pressurized" assets. According to the
complaint, after the Company revealed the previously undisclosed
failure to properly record losses for impaired assets and, on
October 19, 2008, that the Company needed to raise EUR 10 billion
by selling equity in the Company to the Dutch government, the value
of the Securities declined significantly.
If you have suffered a net loss for all transactions in 6.375%
ING Perpetual Hybrid Capital Securities and/or the 8.50% ING
Perpetual Hybrid Securities of ING Groep N.V. purchased pursuant
and/or traceable to the Offerings, you may obtain additional
information about this lawsuit and your ability to become a lead
plaintiff by contacting Brower Piven at www.browerpiven.com, by
email at hoffman@browerpiven.com, by calling 410-986-0036, or at
Brower Piven, A Professional Corporation, The World Trade
Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore,
Maryland 21202. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 40 years. If
you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/986-0036 Email Contact
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