Izard Nobel LLP Announces Class Action Lawsuit Against Prudential Financial, Inc.

• Press Release
• Source: Izard Nobel LLP
• On 4:11 pm EDT, Friday March 13, 2009

HARTFORD, CT--(MARKET WIRE)--Mar 13, 2009 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of New Jersey on behalf of those who acquired depositary shares of Prudential Financial, Inc. ("Prudential" or the "Company") 9% Junior Subordinated Notes (NYSE:PHR - News) pursuant and/or traceable to a registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Prudential's June 2008 initial public offering of the Securities (the "Offering").

Related Quotes

Symbol	Price	Change
PHR	26.29	0.00

{"s" : "phr","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The Complaint charges that Prudential and certain of its officers, directors, offering underwriters and its auditor violated federal securities laws. Specifically, the complaint alleges that defendants issued a materially false and misleading Registration Statement in connection with the Offering. According to the complaint, the true facts which were omitted from the Registration Statement were: (a) the Company's asset-backed securities collateralized with subprime mortgages were impaired to a greater extent than the Company had disclosed; (b) the Company's goodwill associated with certain of its subsidiaries was impaired to a greater extent than Prudential had disclosed; (c) defendants failed to properly record losses for impaired assets; and (d) the Company's internal controls were inadequate to prevent the Company from improperly reporting its impaired assets.

If you are a member of the class, you may, no later than May 11, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. 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 which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/prudentialfinancial/, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

     CONTACT:
     Nancy A. Kulesa or Wayne Boulton
     (800) 797-5499
     http://www.izardnobel.com
     Email Contact