NEW YORK, Aug. 15, 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 KKR Financial Holdings, LLC ("KKR" or "the Company") (NYSE:KFN) pursuant or traceable to the Company's Registration Statement and Prospectus issued in connection with its May 4, 2007 merger and share issuance for violation of the Securities Act of 1933.
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 wish to serve as lead plaintiff in this case, you must apply to be appointed lead plaintiff no later than October 6, 2008 and be selected by the Court. 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.
KKR is a specialty finance company that invests in multiple asset classes. The complaint alleges that the Registration Statement and Prospectus were false and misleading in that they misrepresented and/or omitted material facts, including understating the risks attributable to real-estate-related assets held by the Company, the sufficiency of the Company's capital and KKR's mortgage-related exposure. The complaint also alleges that when, on August 15, 2007, KKR issued a release which revealed that KKR would be selling $5.1 billion in mortgage backed securities at a loss, the value of KKR shares fell substantially below the original offering price.