19 March 2008

Well, That Was Quick

So I'm doing a a google on ERISA and healthcare, and there was a sponsored ad, a link to this:


Bear Stearns Stock

Date Started: March 17, 2008

Hagens Berman Sobol Shapiro LLP is investigating possible ERISA violations by the Bear Stearns Companies Inc. relating to the Employees Stock Ownership Plan ("ESOP").

The investigation comes after JPMorgan Chase & Co. announced it is purchasing Bear Sterns for $2 per share, 90 percent less than the 85-year-old firm's market value last week. The investigation is looking into whether fiduciaries of the Company's ESOP knew or should have known that Bear Stearns concealed its exposure to risky collateralized debt obligations, sub-prime mortgages and other poor-quality securities. If fiduciaries did not exhibit due diligence in protecting the ESOP participant's investments in Company stock and were aware of the extremely high-risk investments the company made, plan fiduciaries could be found in violation of ERISA laws.

Concerning possible ERISA violations, Hagens Berman Sobol Shapiro is looking at whether or not Bear Stearns continued to offer and hold company stock in the ESOP when it was no longer prudent to do so, and if the company failed to take action to sell Bear Stearns stock or otherwise protect the plan's assets in light of the company's risky business strategies and deteriorating financial condition.

In a company press release on March 16, 2008, the company announced that JPMorgan would acquire Bear Stearns and stocks could be transferred from Bear Stearns to JPMorgan based on the closing numbers from March 15, 2008. Bear Stearns stock tumbled from $30.00 per share on March 14 to $4.81 at closing on Monday, March 17, 2008.

If you have information concerning this investigation you can sign up to join the investigation, or contact Hagens Berman at 206/623-7292 or via e-mail at info@xxxxxxxxxxxxx.

Well, that was quick.


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