NEW YORK -- (BUSINESS WIRE) --
Zamansky & Associates LLC ("Zamansky") (http://www.zamansky.com) and Lovell Stewart Halebian Jacobson LLP ("Lovell Stewart") (http://www.lshllp.com) today announced the filing of a class action complaint on April 30, 2010 in the United States District Court for the Southern District of New York on behalf of purchasers of shares of the common stock of Goldman Sachs Group, Inc. ("Goldman" or the "Company") (NYSE:GS) between January 2, 2007 and the time it was publicly revealed on April 16, 2010 that the Securities and Exchange Commission ("SEC") had sued Goldman (the "Class Period") in connection with its misconduct relating to the structuring and sale of ABACUS 2007-AC1, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The case has been assigned Civil Action No. 10-cv-3616 before the Hon. Barbara Jones.
If you wish to serve as lead plaintiff, you must move the Court no later than Friday, June 25, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jacob H. Zamansky or Edward H. Glenn, Jr. at 212-742-1414, or via e-mail at Jacob@zamansky.com. You can view a copy of the complaint as filed at http://www.zamansky.com. 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 alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's true financial condition, sources of revenues, business and prospects in violation of the Exchange Act. Specifically, the complaint alleges that defendants failed to disclose that: (i) the Company had, in violation of applicable law, not fully disclosed the facts and circumstances concerning the formation and sale of the ABACUS 2007-AC1 deal and other similar CDO deals to investors and as a result had engaged in materially misleading conduct; (ii) the Company had, in fact, bet against its clients and constructed collateralized debt obligations that were likely, if not designed, to fail while at the same time earning substantial revenues from the such conduct; (iii) the Company had received a Wells Notice from the SEC about the ABACUS transaction but failed to inform shareholders of this fact until the SEC brought a lawsuit against the Company alleging fraud based upon the same conduct described in the Wells Notice; and (iv) should the SEC file a formal complaint, as it eventually did, Goldman could potentially suffer material adverse effects to its core business lines and profitability, among other negative and deleterious results.
After the market opened on April 16, 2010, it was revealed that Goldman's U.S. broker-dealer, GS&C, had been sued by the SEC "for making materially misleading statements and omissions in connection" with ABACUS 2007-AC1. As news of Goldman's misconduct reached the market, Goldman shares immediately plummeted $24.05 in price, declining from $184.27 per share on April 15, 2010 to close at $160.70 per share on April 16, 2010. Goldman shares fell an additional $15.04 per share on April 30, 2010 to close at $145.20 per share in response to investor concerns about the potential criminality of Goldman's misconduct.
Plaintiff is represented by the law firms of Zamansky & Associates LLC and Lovell Stewart Halebian Jacobson LLP, two of the country's premier national law firms that represent institutional and individual investors in class action, complex securities and corporate governance litigation. The firms have achieved many notable results for investors over many years, including some of the largest awards ever made under the antitrust, securities and commodities laws, and have been recognized for their reputation for excellence in class actions and arbitrations by many courts. More information is available about Zamansky & Associates LLC at www.zamansky.com and about Lovell Stewart Halebian Jacobson LLP at www.lshllp.com.
CONTACT:
Zamansky & Associates LLC
Jacob H. Zamansky, Esq. or Edward H. Glenn, Jr., Esq., 212-742-1414
212-742-1177 (fax)