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State Street Corporation NYSE:STT Securities Stock Fraud



Company: State Street Corporation
Ticker Symbol: NYSE:STT
Class Period: Jul-8-05 to Jul-8-08
Date Filed: Jul-8-08
Lead Plaintiff Deadline: Sep-6-08
Court: District, MA
Allegations:
A class action lawsuit has been filed in the United States District Court for the District of Massachusetts against State Street Corporation (NYSE:STT) and others on behalf of purchasers of the SSgA Yield Plus Fund (SSYPX) (the "Yield Plus Fund" or the "Fund") who purchased shares of the Fund within the three years that preceded the filing of this lawsuit (the "Class"). The complaint seeks remedies for shareholders under the federal Securities Act of 1933.

If you are a member of the Class (as defined above), you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made on or before September 1, 2008. Any member of the purported 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.

According to the complaint, on or about November 9, 1992, defendants began offering shares of the Yield Plus Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the "Registration Statement"). The complaint alleges that defendants solicited investors to purchase shares of the Yield Plus Fund by making statements in the Registration Statement and subsequent supplemental prospectuses that described the "investment objective" of the SSgA Yield Plus Fund as investments "primarily in a diversified portfolio" with "high-quality debt securities" that include "high credit quality," "sophisticated credit analysis" and "team-based decision making by experienced investment professionals." As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was so heavily invested in high-risk mortgage-related or mortgage-backed securities.

By June 11, 2007, defendants slowly began lowering the value of the share price for the Yield Plus Fund. Since then, the value of the Yield Plus Fund's share price has been precipitously lowered. By December 12, 2007, the value of the per-share price was reduced to $8.01. The shares were trading as low as $6.60 at the time of the filing of the complaint on June 30, 2008.

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.

State Street Corporation NYSE:STT Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible State Street Corporation securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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Last updated July 12 2008

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