Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against ING Groep N.V.
February 05 2009 - 4:44PM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP (�Coughlin
Stoia�) (http://www.csgrr.com/cases/ing/) today announced that a
class action 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
(�6.375% Securities�) and/or the 8.50% ING Perpetual Hybrid Capital
Securities (�8.50% Securities�) (NYSE:ISF; NYSE:IGK) (collectively,
the �Securities�) of ING Groep N.V. (�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�).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff�s counsel, Darren Robbins of
Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at
djr@csgrr.com. If you are a member of this class, you can view a
copy of the complaint as filed or join this class action online at
http://www.csgrr.com/cases/ing/. Any member of the putative class
may move the Court to serve as lead plaintiff through counsel of
their choice, or may choose to do nothing and remain an absent
class member.
The complaint charges ING, certain of its affiliates, certain of
its officers and directors, the underwriters of the Offerings and
its auditor with violations of the Securities Act of 1933. ING is a
global financial services company providing banking, investment,
life insurance and retirement services.
The complaint alleges that 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.
Plaintiff seeks to recover damages on behalf of all persons who
acquired the 6.375% Securities and/or the 8.50% Securities of ING
pursuant or traceable to the Registration Statement issued in
connection with the Company�s June 2007 and June 2008 Offerings
(the �Class�). The plaintiff is represented by Coughlin Stoia,
which has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken
a leading role in many important actions on behalf of defrauded
investors, consumers, and companies, as well as victims of human
rights violations. The Coughlin Stoia Web site
(http://www.csgrr.com) has more information about the firm.
Ing Grp., N.V. Perpectual Hybrid Cap Secs (Netherlands) (NYSE:IGK)
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