NEW YORK, April 15, 2009 (GLOBE NEWSWIRE) -- A class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of all persons who acquired Prudential Financial, Inc. ("Prudential") 9% Junior Subordinated Notes (the "Securities") (NYSE:PHR) pursuant and/or traceable to a false and misleading registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Prudential's June 2008 initial public offering of the Securities (the "Offering").
The lawsuit charges Prudential, certain of its officers and directors, the underwriters of the Offering and Prudential's auditor with violations of the Securities Act of 1933. The lawsuit alleges that defendants consummated the Offering pursuant to the false and misleading Registration Statement, selling 36.8 million shares of the Securities at $25 per share, for proceeds of over $920 million. The Registration Statement incorporated Prudential's financial results for 2007 and the first quarter of 2008. Prudential ultimately announced writedowns associated with its exposure to subprime mortgages. The Registration Statement failed to disclose that: (a) the Company's asset-backed securities collateralized with subprime mortgages were impaired to a greater extent than the Company had disclosed; (b) defendants failed to properly record losses for impaired assets; and (c) the Company's internal controls were inadequate to prevent the Company from improperly reporting its impaired assets.
If you acquired Prudential 9% Junior Subordinated Notes during the Class Period, you may, no later than May 11, 2009, request that court the appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us, toll free, at (888) 529-4787 or by email at info.newcases@kmllp.com
Kirby McInerney LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney LLP's website at http://www.kmllp.com