STEVENSON, Md.--(BUSINESS WIRE)--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 purchasers on any U.S. exchange, or where title passed within the United States, of UBS AG (“UBS”) (NYSE: UBS) publicly traded securities during the period between March 15, 2011 and September 15, 2011, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in UBS AG securities during the Class Period, 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 firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
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 August 21, 2012 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 Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period that disclosure controls, procedures and internal controls over financial reporting were ineffective. According to the complaint, after, on September 15, 2011, the Company disclosed that a supposed rogue trader, Kweku Adoboli, had engaged in unauthorized trades on behalf of UBS that resulted in losses of $2.3 billion, the value of UBS shares declined significantly. Also according to the complaint, thereafter, the Company stated in an SEC filing that "we have determined that certain controls designed to prevent or detect the use of unauthorized and fictitious transactions on a timely basis were not operating effectively" and "our previous evaluation stating that our disclosure controls and procedures were effective on 31 December 2010 . . . should no longer be relied upon."
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.