NEW YORK, June 24, 2008 (LAWFUEL) — The law firm of Harwood
Feffer LLP announces its investigation of possible violations of the
Employee Retirement Income Security Act of 1974 (“ERISA”) by Lehman
Brothers Holdings Inc (“Lehman Brothers”) (NYSE:LEH) and certain of its
officers, directors, and employees.
Specifically, Harwood Feffer is investigating whether certain
fiduciaries of the Lehman Brothers Holdings Inc. Savings Plan (401(k)
the “Plan”) may have breached their fiduciary duties under ERISA to the
Plan and its participants and beneficiaries by continuing to invest the
Plan’s assets in Lehman Brothers common stock when it was no longer
prudent to do so.
On April 29, 2008, a related class action complaint was filed in the
Northern District of Illinois against Lehman Brothers asserting
violations of the federal securities laws. According to the complaint,
Lehman Brothers and certain of its officers, directors and employees
failed to disclose material adverse facts concerning the Company’s
financial well-being, business operations and prospects. Specifically,
the complaint alleges that Lehman Brothers failed to disclose: (1) the
true nature and extent of its exposure to losses in connection with
subprime mortgage-backed derivatives; (2) the true nature and extent of
its exposure to losses in connection with collateralized debt
obligations and its failure to timely writedown those losses; (3) the
inadequate reserves for its mortgage and credit related exposure; (4)
the failure to prepare its financial statements in accordance with
Generally Accepted Accounting Principles; and (5) the failure to
maintain adequate internal and reporting controls. Harwood Feffer is
investigating, whether, based on the foregoing allegations, Lehman
Brothers common stock was an imprudent investment for the Plan.
If you have or have had an individual account with the Lehman Brothers
Holdings Inc. Savings Plan (401K), and your account holds or held
Lehman Brothers common stock, you may have legal claims under ERISA.
Harwood Feffer has taken a leading role in many important actions on
behalf of defrauded Plan participants in 401(k) plans and has recovered
hundreds of millions of dollars in those efforts. The Harwood Feffer
website (www.hfesq.com) has more information about the firm. If you
wish to discuss this action with us or have any questions concerning
this notice or your rights and interests with regard to the case,
please contact the following:
