STEVENSON, MD--(Marketwire -11/15/11)- The law firm of Brower Piven, A Professional Corporation, today announced that it has filed a securities class action lawsuit on behalf of shareholders who purchased or otherwise acquired the common stock of MF Global Holdings Ltd. ("MF Global" or the "Company") (Pinksheets: MFGLQ.PK - News); formerly (NYSE: MF) between May 20, 2011 through October 28, 2011, inclusive (the "Class Period"). The case captioned DeAngelis v. Corzine, et al. is pending in the United States District Court for the Southern District of New York, Case No. 11 CV 7866, against Defendants Jon S. Corzine, Henri J. Steenkamp, Bradley I. Abelow and Michael G. Stockman.
If you have suffered a net loss for all transactions in MF Global common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 3, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was suffering from serious liquidity pressures based on its exposure to the European debt crisis, that the Company's internal controls were highly deficient such that it was unable to clearly segregate clients' funds, and that its true risk profile would inevitably lead to a credit rating downgrade. According to the complaint, after, on October 24, 2011, Moody's cut the Company's rating to near junk status, and after, on October 27, 2011, Moody's and Fitch cut MF Global's credit rating to junk status followed by the threat of similar action by S&P, the value of MF Global shares declined significantly. As indicated in the complaint, attempts to spin off the Company's futures trading business failed and, on October 31, 2011, MF Global filed for Chapter 11 bankruptcy protection in United States Bankruptcy Court in New York, causing the New York Stock Exchange to suspend trading in the Company's stock and to de-list its shares.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.