UNIONDALE, N.Y., May 8 /PRNewswire/ -- Mark & Associates, P.C. announces
that, along with its co-counsel, it has filed an arbitration request with the
Financial Industry Regulation Authority "FINRA" (FINRA Dispute Number
08-01137) on behalf of a Bear Stearns shareholder which names The Bear Stearns
Companies, Inc. (NYSE: BSC) and its Chief Executive Officer Alan Schwartz as
respondents. The Claimant's Statement of Claim alleges that the Claimant
suffered significant financial losses when Bear Stearns' stock precipitously
declined, which was the result of the respondents breaching their fiduciary
responsibility, omitting material facts, and issuing false and misleading
statements. Mark & Associates, P.C. anticipates filing additional arbitrations
in the coming weeks. Bear Stearns investors who lost in excess of $10,000 can
request a free case consultation at www.BearStearnsInvestors.com.
Bear Stearns shareholders suffered staggering financial losses as the
company's shares lost more than 90 percent of their value from March 13, 2008
to March 17, 2008. On March 13, 2008, Bear Stearns announced it had received
emergency financing from JPMorgan Chase (NYSE: JPM) and the Federal Reserve,
triggering a dramatic sell off of the company's shares. The bailout news was
followed by an announcement on Monday, March 17, 2008, that JPMorgan Chase
would acquire Bear Stearns for $2.00 per share. However, on March 24, 2008 the
companies announced that they modified the merger agreement, with JP Morgan
agreeing to offer to Bear Stearns shareholders $10.00 per share.
Mark & Associates, P.C. believes that Bear Stearns misled shareholders by
making false and misleading statements and by failing to disclose material
facts concerning the company's business and financial status. The news of the
bailout and subsequent sale of the company came just days after the company's
CEO appeared on national television to reassure investors about the company's
finances. Both the Securities and Exchange Commission (SEC) and the United
States Congress have launched investigations into the bailout and sale of Bear
Stearns.
Current and former Bear Stearns shareholders who lost in excess of $10,000
are encouraged to request a free consultation at www.BearStearnsInvestors.com.
Mark & Associates, P.C. and its co-counsel plan to file individual claims on
behalf of investors who meet certain criteria. An individual claim is unlike a
class action claim in that the remedies sought with individual claims are
based upon the specific merit and facts of a particular loss. Class action
claims are brought by one or more representatives on behalf of a group of
class members who have similar claims.
Mark & Associates, P.C. has already been contacted by individual
investors, institutional investors and Bear Stearns employees to learn about
their legal rights. Many current and former Bear Stearns employees have lost
a significant portion of, and, in some cases, their entire retirement savings.
Many individual investors who purchased the stock on margin have had their
shares sold out by their brokerage firms, as their accounts sank below equity
limit requirements. Investors who purchased on margin may not have only lost
all of their equity, but they could actually owe their brokerage houses money
if their investment losses exceeded the equity in their accounts.
Investors can get more information by visiting
http://www.BearStearnsInvestors.com or
http://www.youhaverights.com/corporate-fraud/bear-stearns-stock-fraud. A
podcast on the Bear Stearns crisis is available at
http://www.youhaverights.com/podcast/episode/was-bear-stearns-acting-in-the-
shareholders-best-interest/. (Due to the length of the link, please copy and
paste into your browser.) Investors can request a free legal consultation by
completing the submission form on these websites or by calling
1-866-507-4448.
About Mark & Associates, P.C.
Mark & Associates, P.C. is a leading consumer law firm with offices in
Boston, Massachusetts and Long Island, New York. The firm aggressively
represents victims of securities and investment fraud, insurance bad faith,
defective products, dangerous pharmaceuticals and medical devices and serious
accidents. More information on Mark & Associates, P.C. is available at
http://www.youhaverights.com.
SOURCE Mark & Associates, P.C.
