Stock Market Fraud Attorneys Blog

Representing Investors Nationwide

August 03, 2008

According to an article in the July 28, 2008 Wall Street Journal, Merrill Lynch (ML) announced a series of moves intended to lower the firm’s risk exposure and further strengthen its balance sheet.

In a further blow to investors already reeling from subprime related investment losses, ML intends to raise approx. $8.5 billion by issuing new shares thereby diluting the stock value of current shareholders by approximately 34%. Sadly this story is looking more and more like Bear Stearns... Read More

August 03, 2008

According to Market Wire, Jul 29, 2008 Hyperion Brookfield Asset Management, Inc. (“Hyperion Brookfield”) announced its appointment as Investment Advisor to certain funds that were previously managed by Morgan Asset Management, Inc., investment adisory arm of Morgan Keegan, Inc. (collectively, the “Funds”).

Hyperion Brookfield was approved by stockholders and, effective today, has assumed its duties as Investment Advisor to the following Funds:
- RMK Advantage Income Fund, Inc... Read More

August 03, 2008

According to an August 1, 2008 Dow Jones Newswire, New York State Attorney General Andrew Cuomo said Friday he intends to take legal action against Citigroup Inc. for their marketing and sales of auction-rate securities.

According to Cuomo’s office, Citigroup “repeatedly and persistently” made material misrepresentations and omissions in its underwriting, distribution and sale of auction-rate securities.

Citigroup represented that auction-rate securities were safe, liquid, and... Read More

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July 22, 2008

In a July 22, 2008 Wall Street Journal article it was reported
Wachovia took a loss of $8.66 billion for the current period, after posting a net profit of $2.34 billion a the prior year.

In response to the huge loss, the bank slashed its quarterly dividend to five cents a share and decided to exit the business of wholesale mortgage origination. Like many of its banking and brokerage peers, Wachovia was stung by taking huge gambles in the subprime mortgage sector. Wachovia’s... Read More

July 13, 2008

Stocks ended Friday’s session in the red after continued turmoil in the credit markets again pulled down the broader indexes. Amid other negative news, new questions were asked about the overall health of Fannie Mae and Freddie Mac, the government-sponsored mortgage institutions whose shares have been ravaged over the past week.

The Dow Jones Industrial Average tumbled below the 11000 level for the first time in two years during the session but finished at 11100.54, off 128.48 points... Read More

June 04, 2008

Many investors who were told they could safely place their money in an Auction Rate Security (ARS) with the assurance the investment would be liquid. However, recent turmoil in the credit markets has created a living nightmare for those in need of their cash.

Practically every major bank and investment firm marketed these products to their clients as a safe alternative to money markets, even certificates of deposit. Now, as the auctions have failed, many investors wonder if they will... Read More

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May 19, 2008

The word has been out since the end of last year. See the Memphis Flyer online article

The story has only gotten worse for those investors and Morgan Keegan appears to be taking a hard line approach with their former clients. To my knowledge none of the clients who lost upwards of 75% of their principal have been contacted and offered any kind of compensation. Rather the regional broker-dealer is bracing for class action lawsuits and individual arbitration claims on behalf of... Read More

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May 01, 2008

Welcome to the blog for Colling, Gilbert, Wright & Carter.

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