Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in ING Groep N.V. 7.375% Perpetual Hybrid Capital Securities to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 20, 2009 Lead Plaintiff Deadline

• Press Release
• Source: Brower Piven, A Professional Corporation
• On 4:30 pm EST, Tuesday March 3, 2009

Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who acquired the 7.375% Perpetual Hybrid Capital Securities (NYSE: IDG) (the "Securities") of ING Groep N.V. ("ING" or the "Company") pursuant to a registration statement and September 2007 Prospectus (the "Offering Documents") issued in connection with the Company's September 2007 offering ("Offering") of the Securities.

Related Quotes

Symbol	Price	Change
IDG	18.31	+0.25

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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 April 20, 2009 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 Securities pursuant or traceable to the Offerings. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933. According to the Complaint, ING sold the Securities at $25 per share for proceeds of approximately $1.5 billion. The Offering Documents incorporated ING's financial results for 2005 and 2006 as well as quarterly reports through September 2007.

The Complaint alleges that the Offering Documents, however, omitted material information, namely, that: (a) Defendants' assets, including loans and mortgage-related securities, were impaired to a much larger extent than the Company had disclosed; (b) Defendants failed to properly record losses for impaired assets; (c) the Company's internal controls were inadequate to prevent the Company from improperly reporting the value of its assets; and (d) ING was not as well capitalized as represented, and, notwithstanding the billions of dollars raised in the Offering, the Company would have to raise an additional EUR 10 billion by selling equity in the Company to the Dutch government in order to prevent ING's total collapse.

According to the complaint, after the Offering, ING announced EUR 2 billion in impairment charges associated with its exposure to bad loans, mortgage-related securities and other "pressurized" assets, causing the price of the Securities issued in the Offering to decline. The complaint alleges further that as a result of the dissemination of the false and misleading statements set forth in the complaint, the market price of the Securities was artificially inflated during the Class Period. The complaint also asserts that in ignorance of the false and misleading nature of the statements described in the complaint, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of the Securities and that had plaintiff and the other members of the Class known the truth, they would not have purchased said Securities, or would not have purchased them at the inflated prices that were paid.

If you have suffered a net loss for all transactions in ING 7.375% Perpetual Hybrid Capital Securities or the Other Securities purchased pursuant and/or traceable to the Company's September 2007 Offering or the Other Offerings, 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 hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. 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.

 
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Baltimore, Maryland
410/986-0036
Email Contact