NEW YORK, Oct. 27, 2006 (PRIMEZONE) -- Labaton Sucharow & Rudoff LLP (www.labaton.com) provides this update concerning the litigation captioned "In re National Australia Bank Securities Litigation, No. 03-CV-6537" (U.S. District Court for the Southern District of New York) (Jones, J.). The action was brought as a class action on behalf purchasers of the equity, debt, and other securities of National Australia Bank Ltd. (NYSE:NAB) including, but not limited to, its ordinary shares and American Depository Receipts ("ADRs") between April 1, 1999 and September 3, 2001, inclusive. The Consolidated Class Action Complaint (Complaint) alleged that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by disseminating materially false and misleading statements concerning fraud by NAB at its subsidiary, HomeSide Lending, Inc.
In an order entered on October 26, 2006, the Judge presiding over the litigation dismissed the Complaint, holding that the Court lacked subject matter jurisdiction over the claims of foreign purchasers of NAB securities purchased on non-U.S. exchanges. The Court also ruled that the plaintiff who purchased NAB ADRs did not sustain damages and dismissed the claims of ADR purchasers.
The Court, however, expressly "granted leave to substitute a lead domestic plaintiff and to otherwise amend the pleadings with respect to ADR purchasers only." This means that someone who purchased NAB ADRs between April 1, 1999 and September 3, 2001, inclusive, and lost money on the investment, may seek to be substituted as a plaintiff so that the action can continue. Any such substitution must be accomplished soon by filing the appropriate motion papers with the Court.
IF NO ADR PURCHASER STEPS FORWARD, NO RECOVERY BY WAY OF SETTLEMENT OF, OR JUDGMENT IN, THIS LITIGATION WILL OCCUR.
Labaton Sucharow & Rudoff, LLP is serving as the Court-appointed Lead Counsel in the litigation. IF YOU PURCHASED NAB ADRs BETWEEN APRIL 1, 1999 AND SEPTEMBER 3, 2001 AND NEED MORE INFORMATION YOU MAY CONTACT THE FIRM AT 800-321-0476.