PHILADELPHIA– LAWFUEL – Litigation & Legal Issues Newswire –Attorney Steven B. Mirow announced today that on Monday, June 18, 2007 a class action complaint was commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons who owned seats on the Philadelphia Stock Exchange (“PHLX”) on October 22, 2003 against Keefe Bruyette & Woods, Inc. (“KBW”), and Joseph Spalluto, one of its managing directors. The Complaint charges defendants with violations of the Securities Exchange Act of 1934 and the Racketeer Influenced and Corrupt Organizations Act (“RICO”). The complaint alleges that in connection with other wrongdoing surrounding the demutualization of the PHLX and to facilitate that wrongdoing, KBW published false and misleading statements that caused class members to lose their state law appraisal rights and acquiesce in demutualization, resulting in a loss to seat owners of at least $500,000 per seat.
If you owned a seat on the Philadelphia Stock Exchange on October 22, 2003 you may, no later than August 17, 2007, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the proposed class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff.
If you are a member of this class, you can e-mail a request for a copy of the complaint as filed or view it by using the pacer system with the case docket number 07-2464. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel:
Steven B. Mirow, Esquire
249 South 12 Street
Philadelphia, PA 19107-5635
E-mail at [email protected]