Lehman Preferred Series "J" Stock Share Claims

A Lehman Brothers class action suit was filed on behalf of investors who purchased Lehman Preferred Series "J" stock shares issued between February 5, 2008 and September 15, 2008.

The lawsuit was filed against several Lehman executives, and firms that underwrote the offering, claiming that false and misleading statements were made about the financial strength of the investment bank.

On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection, causing substantial losses for investors. The collapse began in 2007 when the mortgage market crisis unfolded, as Lehman was heavily invested in subprime mortgages.

The Lehman Brothers lawsuit was filed on Wednesday in the U.S. District Court in Manhattan by institutional investors Fogel Capital Management. The complaint names the former CEO, other former Lehman directors, Bank of America, Citigroup, Merrill Lynch and other firms that underwrote the offering of the Lehman Preferred Series "J" shares.

In February 2008, 76 million of the preferred shares were sold at $25 each, for $1.9 billion offering. After the collapse of Lehman Brothers, the shares have fallen to under 10 cents, which has resulted in huge losses for investors.

If you were an investor who purchased the Lehman Preferred Series "J" stock shares, we believe you were damaged because the prospectus issued prior to the offering failed to reveal Lehman's large exposure to the sub-prime mortgage market and contained various false and misleading statements about the financial strength of the company. Contact the Levensten Law Firm to protect your rights and advocate on behalf of your claim for damages from the Lehman Brother debacle.