Girard Gibbs LLP Announces Class Action Lawsuit Filed Against RBC Dain Rauscher Inc. (NYSE:RBC)
13 5월 2008 - 4:22AM
Business Wire
The law firm of Girard Gibbs LLP (http://www.girardgibbs.com)
announces that it is has filed a class action lawsuit on behalf of
persons who purchased Auction Rate Securities from RBC Dain
Rauscher Inc. (NYSE:RBC), Royal Bank of Canada, and RBC Capital
Markets Corporation between May 12, 2003 and February 13, 2008,
inclusive (the �Class Period�), and who continued to hold such
securities as of February 13, 2008. The class action, captioned
Brigham v. Royal Bank of Canada, et al., 08-cv-4431(WHP), is
pending in the United States District Court for the Southern
District of New York. The class action is brought against Royal
Bank of Canada and its wholly-owned subsidiaries, RBC Dain Rauscher
Inc. and RBC Capital Markets Corporation. The Complaint alleges
that RBC Dain Rauscher violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 by deceiving investors about the
investment characteristics of auction rate securities and the
auction market in which these securities traded. Auction rate
securities are either municipal or corporate debt securities or
preferred stocks which pay interest at rates set at periodic
�auctions.� Auction rate securities generally have long-term
maturities or no maturity dates. The Complaint alleges that,
pursuant to uniform sales materials and top-down management
directives, RBC Dain Rauscher offered and sold auction rate
securities to the public as highly liquid cash-management vehicles
and as suitable alternatives to money market mutual funds.
According to the Complaint, holders of auction rate securities sold
by RBC Dain Rauscher and other broker-dealers have been unable to
liquidate their positions in these securities following the
decision on February 13, 2008 of all major broker-dealers including
RBC Dain Rauscher to �withdraw their support� for the periodic
auctions at which the interest rates paid on auction rates
securities are set. The Complaint alleges that RBC Dain Rauscher
failed to disclose the following material facts about the auction
rate securities it sold to the class: (1) the auction rate
securities were not cash alternatives, like money market funds, but
were instead, complex, long-term financial instruments with 30 year
maturity dates, or longer; (2) the auction rate securities were
only liquid at the time of sale because RBC Dain Rauscher and other
broker-dealers were artificially supporting and manipulating the
auction rate market to maintain the appearance of liquidity and
stability; (3) RBC Dain Rauscher and other broker-dealers routinely
intervened in auctions for their own benefit, to set rates and
prevent all-hold auctions and failed auctions; and (4) RBC Dain
Rauscher continued to market auction rate securities as liquid
investments after it had determined that it and other broker
dealers were likely to withdraw their support for the periodic
auctions and that a �freeze� of the market for auction rate
securities would result. If you purchased or otherwise acquired
Auction Rate Securities from RBC Dain Rauscher between May 12, 2003
and February 13, 2008, and continued to hold such securities as of
February 13, 2008, you may, no later than July 11, 2008, request
that the Court appoint you as lead plaintiff. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. To be appointed lead plaintiff, the Court
must decide that your claim is typical of the claims of other class
members, and that you will adequately represent the class. Your
ability to share in any recovery is not affected by the decision
whether or not to serve as a lead plaintiff. You may retain Girard
Gibbs LLP, or other attorneys, to serve as your counsel in this
action. If you wish to discuss your rights as an investor in
auction rate securities through RBC Dain Rauscher or any other
brokerage, please contact Girard Gibbs LLP toll-free at (866)
981-4800. A copy of the complaint is available from the Court, or
can be viewed on Girard Gibbs LLP�s website at:
http://www.girardgibbs.com/auctionrate.html. Girard Gibbs LLP is
one of the nation�s leading firms representing individual and
institutional investors in securities fraud class actions and
litigation to correct abusive corporate governance practices,
breaches of fiduciary duty and proxy violations. For more
information, please access the firm�s web site,
www.girardgibbs.com/auctionrate.html. To discuss this class action
with us, please contact the following attorneys: Daniel C. Girard
(dcg@girardgibbs.com) Jonathan K. Levine (jkl@girardgibbs.com)
Aaron M. Sheanin (ams@girardgibbs.com) 601 California Street, 14th
Floor San Francisco, CA 94108 Phone number: (866) 981-4800 Website:
http://www.girardgibbs.com/auctionrate.html
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