|Court:||United States District Court for the Southern District of New York|
|Class Period:||02/17/2005 - 07/31/2006|
|Case Leader:||Salvatore J. Graziano|
Securities fraud class action filed on behalf of a class of persons and entities who purchased or acquired Scottish Re Group Limited Ordinary Shares, Non-Cumulative Perpetual Preferred Shares, and/or Convertible Preferred Shares of Hybrid Capital Units between February 17, 2005 and July 31, 2006 (the "Class Period").
On October 12, 2006, the Honorable Shira A. Scheindlin appointed BLB&G client the State Teachers Retirement System of Ohio as Lead Plaintiff and BLB&G as Lead Counsel for the Class.
Lead Plaintiff alleges violations of both the Securities Act of 1933 and Securities Exchange Act of 1934. Specifically, Lead Plaintiff claims that Scottish Re violated Generally Accepted Accounting Principles ("GAAP") by failing to properly account for its significant deferred tax assets. In addition to the alleged GAAP violations, the Company suffered from numerous undisclosed internal control deficiencies. The Consolidated Class Action Complaint states that when the true facts were revealed, including a material valuation allowance on deferred tax assets and numerous other required financial adjustments (revealing the Company's poor internal controls), the price of Scottish Re securities declined precipitously.
On November 1, 2007 Judge Scheindlin denied the motions to dismiss as to all claims against the defendants except the Securities Exchange Act fraud claims against auditor Ernst & Young, which she dismissed with leave to amend.
- News BLB&G Announces Elevation of Two Senior Counsel February 1, 2023 Learn More
- Awards BTI Consulting Group Once Again Names BLB&G an Intimidating Opponent and One of the Most Feared Law Firms in Litigation January 27, 2023 Learn More
- Publications “2022 Developments for Auditor Regulation Under the U.S. Securities Laws” by John Rizio-Hamilton, Jesse L. Jensen, and Jasmine Cooper-Little Published in The Review of Securities & Commodities Regulation January 27, 2023 Learn More
- Publications “The SEC's run at revamping Rule 10b5-1 to deter insider trading” by Jonathan D. Uslaner and Caitlin Bozman Published in Reuters January 26, 2023 Learn More
- Awards BLB&G Leads ISS SCAS List of Top 100 Securities Class-Action Settlements of All Time January 25, 2023 Learn More