|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.
- Awards The National Black Lawyers Association Selects Associate Matthew Traylor for Membership & "Top 40 Under 40" List October 18, 2021 Learn More
- Awards Benchmark Litigation Again Names BLB&G One of the Top Firms in the Nation in 2022 Guide October 5, 2021 Learn More
- Events Katie Sinderson Serves as Panelist at OPFTEC 2021 on "The Role of Securities Litigation in Pension Funds" October 1, 2021 Learn More
- Events BLB&G Partners John C. Browne and Jeremy Robinson Present "Video Depositions: The Case for Their Continued Relevance in a Post-Quarantine World" Webinar October 1, 2021 Learn More
- Events BLB&G Partner Jeroen van Kwawegen Speaks at Broadridge Webinar on "International Opt-In Cases: Evolving Mechanisms for Collective Redress" September 30, 2021 Learn More