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LEVI & KORSINSKY, LLP ANNOUNCES A NATIONWIDE CLASS ACTION INVESTIGATION IN AUCTION RATE SECURITIES LOSSES

03-12-2008 05:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Levi & Korsinsky, LLP

NEW YORK, March 11, 2008 - Levi & Korsinsky, LLP (zlk.com) is investigating alleged securities fraud in connection with the sale of Auction Rate Securities by Citigroup, Inc (NYSE: C), Bear Sterns (NYSE: BSC), Goldman Sachs (NYSE: GS), J.P. Morgan Securities, Lehman Brothers Holdings (NYSE: LEH), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), RBC Dain Rauscher, Wachovia Corp. (NYSE: WB), UBS (NYSE: UBS), H&R Block (NYSE: HRB), E*Trade (NASDAQ: ETFC)(collectively “Broker-Dealers”).

On May 31, 2006, an investigation conducted by the Securities Exchange Commission (“SEC”) revealed that the Auction Rate Securities were manipulated by certain broker-dealers conducting the auctions. Among other things, the SEC alleged that these broker-dealers improperly intervened in sales and collaborated with favored customers by asking them to bid at auctions and then compensating them with higher-than-clearing rates in the secondary market. The broker-dealers engaged in such market manipulations in order to support the “no failed auction” marketing claim so that investors would believe the Auction Rate Securities auction market was healthier than it actually was. As a result, certain of the Broker Dealers described above paid a total of $13 million in fines, were censured by the SEC and ordered to “cease and desist” from committing future violations.

Any individuals who purchased Auction Rate Securities from the Broker-Dealers may have legal rights to recover for any damages incurred. Information about Auction Rate Securities is available at www.auctionratehelp.com.

For further information concerning your legal rights, please contact Eduard Korsinsky, Esq. or Juan E. Monteverde, Esq. of Levi & Korsinsky, LLP at 212-363-7500 or via e-mail at info@zlk.com.

CONTACT: Levi & Korsinsky, LLP
39 Broadway, Suite 1601
New York, NY 10006
Eduard Korsinsky, Esq.
Juan E. Monteverde, Esq.
Tel: (212) 363-7500
Fax: (212) 363-7171
Email: info@zlk.com
Website: www.zlk.com

Levi & Korsinsky, LLP has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. Levi & Korsinsky, LLP represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

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