LITTLE ROCK, Ark., March 18, 2008 (PRIME NEWSWIRE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Little Rock, Arkansas and Houston, Texas, announces that it has begun an investigation into Bear Stearns Companies, Inc. ("Bear Stearn" or the "Company") (NYSE:BSC) for potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Bear Stearns stock by the Bear Stearns Inc. Employee Stock Ownership Plan ("ESOP"), the Profit Sharing Plan ("PSP"), and other Bear Stearns employee plans.
Emerson Poynter's investigation involves concerns that administrators of the Plan may have breached their fiduciary duties to Plan participants and beneficiaries. A breach of fiduciary duties occurs when fiduciaries fail to manage the assets of the Plan in the sole interest of the plan participants by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.
Specifically, Bear Stearns and the Plan's other fiduciaries continued to invest in and hold Bear Stearns stock in the Plans despite the Company's apparent mismanagement of the risk of assets held by the Company and its gross failure to maintain adequate capital and liquidity.
Emerson Poynter LLP has a national and international class action legal practice with offices in Little Rock, Arkansas and Houston, Texas. Emerson Poynter handles complex commercial litigation with a concentration in those cases that involve violations of federal and state securities or antitrust laws, the Employee Retirement Income Security Act of 1974 ("ERISA"), and consumer protection laws. It has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases.
If you are a member of the Bear Stearns ESOP, PSP, or other retirement or deferred compensation plans that purchased or held Bear Stearns stock in the Plan, please contact us about your rights and potential claims.