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Blackstone Group Settles I.P.O. Class Action Lawsuit

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

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Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Sep 13, 2013

Read Time: 2 mins

According to the New York Times, Blackstone Group agreed to pay $85 million last week to settle a class action lawsuit brought by a group of investors that accused it of misrepresenting some investments before its 2007 initial public offering.

The Times reported that in the settlement, filed in Federal District Court in Manhattan, Blackstone denied any wrongdoing or liability. The company also avoided a securities class-action trial that was scheduled to begin this month.

Investors involved in a class action lawsuit against Blackstone said that the company did not properly disclose the value of its investments in three companies (a monoline insurer, a semiconductor manufacturer and a real estate company), which were losing money at the time of the I.P.O.

On its first day of trading following the I.P.O., shares for Blackstone reached $35.06, but bottomed out a year later at $18.15 per share a year later. Representatives for Blackstone could not be reached for comment, according to the Times.

Securities class action cases typically involve a stock or security value going down because of company mismanagement and/or improper disclosure of its financial prospects. Because a single investor many not be able to sue the company individually, multiple investors may be able to bring a case representing the interest of all investors.

If you have questions concerning your legal interests when it comes to securities class action litigation, please contact Gary S. Graifman, Esq., at Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C., at 1-(866) 971-0927, or send us an email or fill out the contact form on our website.

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   Kenny Perlow 
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 80 days ago
 
 
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 83 days ago
 
 
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 89 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 95 days ago
 
 
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 118 days ago
 
 
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   Mike Greenspan 
 131 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 138 days ago
 
 
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 141 days ago
 
 
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   Lynn Gill 
 142 days ago
 
 
 Trustindex verifies that the original source of the review is Google. The personnel at this business were second to none. Everyone was super responsive and amazing to work with. For any future legal needs, this will be my go-to, hands down.

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Blackstone Group Settles I.P.O. Class Action Lawsuit

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