Bear Stearns Employees and 401(k) Participants See Staggering Investment Losses Announces Scott+Scott LLP
NEW YORK, April 11, 2008 (Lawfuel) — Bad news continues to mount for employees and investors of The Bear Stearns Companies, Inc. (NYSE:BSC). Today, the company announced in a Securities and Exchange Commission filing that assets under the company’s management have shriveled from $45 billion in late 2007 to $36 billion as of March 24, 2008. Bear Stearns stock price closed at $10.22 per share this afternoon. Just one year ago, Bear Stearns stock traded at just under $160 per share.
Scott+Scott LLP is investigating potential violations of law by Bear
Stearns management and others on behalf of Bear Stearns employees and
participants in the Bear Stearns Employee Stock Ownership Plan. The
investigation concerns whether fiduciaries at Bear Stearns who managed
the Bear Stearns Employee Stock Ownership Plan breached fiduciary
duties owed to retirement Plan participants. A fiduciary breach may
have occurred if the fiduciaries failed to manage the assets of the
Plan prudently and with loyalty by investing Plan assets in company
stock when it was no longer an appropriate investment for Bear Stearns
employees. Unfortunately, employees at Bear Stearns who had money
invested in Bear Stearns stock have seen their holdings in company
stock diminish substantially.
Scott+Scott is also investigating several other financial firms for
possibly breaching their ERISA-mandated duties, including Bank of
America (NYSE:BAC) and Wachovia Corp. (NYSE:WB). Employees and members
of the 401(k) plans of these companies have also seen their retirement
holdings in company stock drop by more than 50%.
If you are an employee of Bear Stearns, or Bank of America or Wachovia,
and wish to discuss this investigation or have questions concerning
this notice or your rights, please contact Scott+Scott
([email protected], (800) 404-7770, (860) 537-5537 or visit the
Scott+Scott website, http://www.scott-scott.com, for more information.
There is no cost or fee to you.
Scott+Scott is a law firm with significant experience in prosecuting
investor and employee class actions. The firm currently is litigating
major securities, antitrust and employee retirement plan actions
throughout the United States and represents pension funds, foundations,
individuals and other entities worldwide.
CONTACT: Scott+Scott LLP