NEW YORK, Oct. 13 2004 LAWFUEL – Law, class action, legal, attorney, law firm neww Zwerling, Schachter & Zwerling, LLP
(“Zwerling Schachter”) has filed a class action lawsuit in the United States
District Court for the Southern District of New York on behalf of all persons
and entities who purchased securities (ADSs) of Converium Holding AG
(“Converium” or the “Company”) (NYSE: CHR) between December 11, 2001 and July
20, 2004, inclusive (the “Class Period”). The deadline to file a motion
seeking to be appointed lead plaintiff is December 3, 2004.
If you wish to discuss this action or have any questions concerning your
rights and interests with respect to these matters, please contact Zwerling
Schachter (Shaye J. Fuchs, Esq. or Jayne Nykolyn) at 1-800-721-3900 or by
e-mail at sfuchs@zsz.com or jnykolyn@zsz.com.
The complaint charges that Converium and two of its officers, Dirk
Lohmann, and Martin Kauer, violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, it
alleges that the defendants failed to disclose and misrepresented the
following material adverse facts which were known to defendants or recklessly
disregarded by them: (a) that Converium maintained inadequate loss reserves in
its Converium North America subsidiary; (b) that the Company did not, as it
had announced, establish adequate loss reserves to cover claims by Converium
North America policy holders; (c) that reserve increases announced by the
Company during the Class Period were materially insufficient; and (d) as a
consequence of the understatement of loss reserves, Converium’s earnings and
assets were materially overstated during the Class Period.
On July 20, 2004, the Company announced that its second quarter results
would be impacted by a reserve strengthening for US casualty business and
subsequent asset impairments on the balance sheet of Converium North America.
On this disclosure, shares of Converium collapsed $11.12 per share, or
approximately 44 percent, on July 20, 2004, to close at $13.90 per share.
If you purchased Converium’s securities (ADSs) between December 11, 2001
and July 20, 2004, you may apply to serve as lead plaintiff. The lead
plaintiff is responsible for overseeing the prosecution of the action and
ensuring that the interests of the class are protected. You may apply to be
appointed lead plaintiff through Zwerling Schachter.
Zwerling Schachter concentrates in prosecuting class actions nationwide on
behalf of investors. The firm currently plays a leading role in numerous
major securities and complex commercial litigations pending in federal and
state courts and has offices in New York City, Uniondale, New York, and
Seattle, Washington. The firm has been recognized by courts throughout the
country as highly experienced and skilled in complex litigation, particularly
with respect to federal securities class action litigation.
SOURCE Zwerling, Schachter & Zwerling, Web Site: http://www.zsz.com
