NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of purchasers of American Capital Ltd ("American Capital" or the "Company") (Nasdaq:ACAS) securities during the period between October 30, 2007 and November 7, 2008 (the "Class Period") for violations 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 American Capital common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by February 13, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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 accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company had far greater exposure to disruptions in the credit markets than disclosed, that the Company would have to drastically alter its dividend policy, and that the Company lacked adequate internal and financial controls. According to the complaint, on November 10, 2008, after the Company revealed a quarterly loss and that dividends to shareholders would be suspended, the value of American Capital's stock declined significantly.