The Masters of the Universe, Bear Stearns branch, seem to have been clueless about the state of their own company. Some investors are thinking of suing these clowns:
Stunned Bear Stearns investors eye legal claims
Mon Mar 17, 2008 2:38pm EDT
By Martha Graybow
NEW YORK (Reuters) - Angry Bear Stearns Co Inc shareholders have wasted no time in calling their lawyers to pursue possible legal claims over the company's $2-a-share fire sale to JPMorgan Chase & Co.
Shareholders might sue Bear and its executives and officers for securities fraud, contending they failed to disclose the company's true financial health, lawyers say.
Jeffrey Nobel, a partner at class-action law firm Schatz Nobel Izard in Hartford, Connecticut, said his firm had been contacted by both institutional and individual investors who bought the stock as recently as last week.
Some of these buyers, he said, took their positions after Bear CEO Alan Schwartz said in a televised interview on Wednesday that the company does not see any pressure on its liquidity and had about $17 billion in excess cash on its balance sheet.
"You have investors who are upset because they feel as though the company was not truthful in reporting its financial condition," Nobel said.
Monday, March 17, 2008
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