NEW YORK, Sept. 23, 2008 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka LLP, announced today that it filed an arbitration claim with FINRA (Financial Industry Regulatory Authority) against Wachovia Company (NYSE:WB), on behalf of two investors that were recommended to purchase two bonds issued by Lehman Brothers Holdings Inc. (Other OTC:LEHMQ) after the company announced it had major exposure to the United States subprime mortgage market.
According to attorney Vincent J. Imbesi, who heads Napoli Bern's security division, "A broker from Wachovia recommended that the clients purchase over $150,000 worth of bonds issued by Lehman. The recommendation was unsuitable because the broker either knew, or should have known, that Lehman had a great chance of filing for bankruptcy."
The firm is investigating similar claims by investors that were recommended to purchase common and preferred stock of AIG (NYSE:AIG), among other financial companies. Investors that were recommended to purchase stocks or bonds of Lehman, AIG, or any other financial company, can contact the firm to determine if the recommendation was unsuitable. The firm does not charge a legal fee unless it recovers money for its clients. Investors can obtain a free legal consultation by contacting Vincent J. Imbesi at 1-(888) 529-4669.
The firm's attorneys have represented hundreds of investors in FINRA arbitrations. Napoli Bern Ripka, LLP ("NBR") is a nationally known plaintiff's law firm, with offices in New York City, Long Island, New Jersey and Philadelphia. In addition to Stock Fraud claims, the firm represents clients in personal injury matters, medical and other professional malpractice, and pharmaceutical products liability (diet drugs, Rezulin, Trasylol) as well as toxic tort and other environmental claims. The firm has more than 60 years of combined litigation experience in trial and appellate courts.
Since its establishment over 10 years ago, the firm has settled and/or recovered more than $1.5 billion for its clients. Senior Partners Marc Jay Bern and Paul J. Napoli have been chosen for inclusion in New York Super Lawyers(r) for 2007 and 2008, and both are members of the prestigious Litigation Counsel of America. Both Mr. Bern and Mr. Napoli are also long-time members of the invitation-only Million Dollar Advocates Forum.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.