Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against The St. Paul Companies.
NEW YORK--(BUSINESS WIRE)--Nov. 1, 2002
Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the District of Minnesota on behalf of all purchasers of The St. Paul Companies ("St. Paul" or the "Company") (NYSE: SPC) securities between November 5, 2001 and July 9, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning St. Paul's exposure to asbestos claims liability. Specifically, the complaint alleges that defendants omitted and failed to make adequate disclosures concerning potential exposure from a lawsuit filed in 1993 known as Western MacArthur Co. et al. v. United States Fidelity & Guaranty Co., et al. (the "Western MacArthur Litigation"). On June 3, 2002, however, defendants disclosed that a settlement in the Western MacArthur Litigation had been reached, whereby St. Paul would pay approximately $1 billion to satisfy claims asserted in the lawsuit. Following this revelation, St. Paul's share price declined to a low of $34.65 per share on July 9, 2002, significantly below the Class Period high of $49.20 on November 5, 2001.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired St. Paul securities between November 5, 2001 through July 9, 2002, excluding defendants and their affiliates.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased St. Paul securities during the Class Period, you may, not later than December 17, 2002, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact.