Pzena Investment Management, Inc.Lowinger, et al. v. Pzena Investment Management, Inc., et al. On February 13, 2008, Cohen Milstein was appointed as co-lead counsel on behalf of all persons that purchased Pzena Investment Management, Inc. (“Pzena” or the “Company”) common stock pursuant and/or traceable to the Company’s October 24, 2007 Initial Public Offering (the “IPO”). The Consolidated Amended Complaint (the “Complaint”) charges Pzena and Richard C. Pzena with violations of the Securities Act of 1933 (the “Securities Act”). The Complaint also names the two lead underwriters for the Company’s IPO – Goldman Sachs & Co. and UBS Securities LLC – with violations of the Securities Act. Specifically, the complaint alleges that, in connection with the IPO, Defendants’ registration statement and prospectus contained numerous untrue statements of material fact and omitted material facts necessary to be stated to make the statements not misleading, which caused Pzena’s securities to trade at artificially inflated prices. As alleged in the Complaint, the Company’s registration statement and prospectus did not disclose a pattern of net redemptions in the largest mutual fund advised by Pzena at the time of the IPO. The subsequent disclosure of these facts three weeks later resulted in the price of the Company’s common stock declining, causing Plaintiffs and the other members of the Class to suffer damages. The Complaint was filed on April 7, 2008. |
