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The complaint alleges that UBS maintained and benefited from a scheme allowing and encouraging clients to evade U.S. tax law by concealing billions of dollars of funds in "undeclared" Swiss bank accounts. The complaint also alleges that UBS's Swiss bankers have improperly sold securities in the United States without a license in violation of SEC regulations, and have actively conspired to subvert Qualified Intermediary reporting obligations which facilitated tax evasion for U.S. investors. As a result of its alleged malfeasance, UBS now faces a penalty fine in the amount of $1.2 billion, and possibly a felony indictment from the U.S. Government.
The Defendants include (i) UBS AG, (ii) Marcel Ospel, (iii) Marcel Rohner,(iv) Peter Wuffli, (v) Peter Kurer, (vi) Raoul Weil, (vii) Martin Liechti,(viii) Mark Branson, and (ix) Phillip Lofts. These defendants are alleged to have concealed from investors that UBS's profits, financial performance, and purported prospects were the result of improper and illegal conduct.
As alleged in the complaint, Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements about the adequacy of UBS's internal risk management policies and controls, regarding the Company's adherence to applicable laws, and regarding net new money, income, profit and earnings per share.
As provided under the Private Securities Litigation Reform Act, any member of the putative class may seek appointment as lead plaintiff. Lead plaintiff applications must be filed with the Court no later than March 31, 2009. If you have any questions about the lawsuit, please contact Joseph Fonti, Esq. of Labaton Sucharow LLP at 212-907-0844.
You can view a copy of the complaint online at http://www.labaton.com or obtain it from the Court.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Labaton Sucharow LLP
Labaton Sucharow LLP Joseph Fonti (212) 907-0844 jfonti@labaton.com Jennifer Bankston (212) 907-0700 jbankston@labaton.com 140 Broadway New York, NY 10005 United States
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