NEW YORK, June 9, 2008 (PRIME NEWSWIRE) -- Scott+Scott, LLP has commenced an investigation of Wachovia Corporation (NYSE:WB) on behalf of investors and the company's current and former employees participating in Wachovia retirement savings plans and 401(k) plans (collectively the "Plans"). The firm is investigating whether the recent losses suffered by the Plans and their participants were caused by conduct that may have been in violation of the Employee Retirement Income Security Act (ERISA). On Friday, Wachovia shares continued their now year-long slide to close at $20.13 per share. The market price of Wachovia shares has declined $33.98 per share since June 18 of last year, or 62.8%, causing considerable, untimely losses for the Plans' participants.
Under ERISA, the trustees and administrators of the Plans have a fiduciary duty to manage the investments in a responsible manner and in the best interests of the participants. Scott+Scott is investigating whether the Plans' trustees and administrators made imprudent investments into Wachovia stock when they knew, or should have known, of Wachovia's financial problems caused in large part to the company's exposure to billions of dollars worth of impaired and risky securities, many of which were backed by subprime mortgage loans.
If you are an employee of Wachovia and wish to discuss the investigation or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com, for more information.) There is no cost or fee to you.
Scott+Scott is a law firm with significant experience in prosecuting investor and employee class actions. The firm currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States and represents pension funds, foundations, individuals and other entities worldwide.