Printer Friendly

Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against The St. Paul Companies.

Business Editors & Legal Writers


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

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

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.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 1, 2002
Previous Article:ADVISORY/Honeywell CEO Will Clear the SAE World Aviation Congress for Takeoff in Phoenix, Arizona, Nov. 5-7.
Next Article:Alternative Technology Signs Exclusive Distribution Agreement with Collabrix.

Related Articles
Attention Zila, Inc. Investors; Class Action Filed by Faruqi & Faruqi, LLP.
Shareholder Class Action Filed by the Law Firm of Faruqi & Faruqi, LLP; Attention Zila, Inc. Investors; Shareholder Class Action Update by the Law...
[2] Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit On Behalf of Shareholders of Baker Hughes Inc.
Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against Intershop Communications AG.
Law Firm Faruqi & Faruqi, LLP Announces Class Action Lawsuit Against Nike, Inc.
Faruqi & Faruqi, LLP Repeats Class Periods.
Faruqi & Faruqi, LLP Announces Filing of Class Action Lawsuit Against ShopKo Stores, Inc.
Goodkind Labaton Rudoff & Sucharow LLP and Faruqi & Faruqi, LLP Announces Class Action Lawsuit Against Suprema Specialties, Inc.
Notice to Investors Concerning Pending Lawsuits, By Faruqi & Faruqi, LLP.
Justice Department sides with Vatican in abuse case.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters