NEW YORK, Aug. 1, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of MF Global Ltd. ("MF Global" or "the Company") (NYSE:MF) common stock during the period between March 17, 2008 through July 13, 2008 (the "Class Period") for violation of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased MF Global common stock during the period described above, you have certain rights, and have until 60 days from July 31, 2008 in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's capital and financial results and concealed the material deterioration in the Company's business and the insufficiency of its capital, which would necessitate additional offerings of securities and dilution of the ownership interest of MF Global investors. On June 17, 2008, MF Global issued a press release announcing its intention to sell approximately $300 million in convertible stock and bonds to repay a bridge loan due in December and updating its current fiscal first quarter 2009 earnings estimates. As a result of this news, MF Global's stock dropped to close at $7.83 per share on June 18, 2008, a decline of 43% from June 17, 2008. On June 19, 2008, The Wall Street Journal published an article regarding the Company's planned $300 million offering and its other recent problems, including a probe by the Commodity Futures Trading Commission. On this news, MF Global's stock dropped to $6.86 per share on June 20, 2008, a decline of 55% from the Class Period high of $14.98 per share in May 2008.