|Company:||Fortis, Fortis S.A./N.V., Fortis NV|
|Class Period:||Jan-28-08 to Oct-6-08|
|Lead Plaintiff Deadline:||Dec-21-08|
|Court:||Southern District of New York|
In specific the complaint alleges that between January 28, 2008 and October 6, 2008 Fortis and the individual defendants falsely portrayed Fortis as relatively immune from the effects of the global credit crisis and stated that Fortis's capital position remained strong and loan portfolio was solid, but in reality, Fortis was practically insolvent at all relevant times and needed to sell assets at fire-sale prices and raise capital at extraordinarily high rates to remain viable.
Moreover, the Company's balance sheet was impaired by billions of dollars of poorly performing assets Fortis acquired when it purchased ABN AMRO in October 2007, so the lawsuit. Then the magnitude of Fortis severe liquidity crisis became apparent on September 29th, 2008, when the governments of three separate countries (Netherlands, Belgium, and Luxembourg), agreed to bail-out the Fortis so long as it would sell its troubled stake in ABN AMRO.
Then on Saturday, October 4, 2008, it was reported that the Dutch government took over Fortis' operations for $23 billion in a deal that came less than a week after the Netherlands, Belgium, and Luxembourg had agreed to invest 11.2 billion Euros in Fortis, so the plaintiff. According to the complaint on October 14, 2008 Fortis traded on the Brussels exchange at the lowest levels that it had ever seen since it was formed 18 years ago, after selling most of its operations to three governments and BNP Paribas SA. Fortis, which resumed trading after a six-day suspension, declined 78 percent to 1.22 euro, valuing the Company at $3.91 billion.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.