BOCA RATON, Fla., Dec. 29, 2008 (GLOBE NEWSWIRE) -- The law firm of Vianale & Vianale LLP announces that it filed a class action lawsuit on December 29, 2008 on behalf of purchasers of the American Depositary Receipts of Australia and New Zealand Banking Group Limited ("ANZ" or the "Company") (Pink Sheets:ANZBY) during the period March 2, 2007 through July 27, 2008 (the "Class Period"). Shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in Manhattan federal court, Case No. 08-CV-11278.
The complaint alleges that the Company and its top executives violated the federal securities laws. The complaint charges that ANZ failed to adequately disclose the range of risks arising from its loans to Opes Prime Group Limited, an Australian stock brokerage firm that lent money to customers on margin. ANZ had lent hundreds of millions of dollars to this failed brokerage house, but without adequate disclosure of the risks the loans posed to ANZ. The day before the Company announced its losses stemming from exposure to Opes Prime, its stock (ADRs) closed at a high of $17.24. The following day, after ANZ's announcement, ANZ's stock price dropped to $14.57. ANZ's stock is currently trading at $9.90.
If you bought the ADRs of ANZ from March 2, 2007 through July 27, 2008, no later than February 27, 2009, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff. Vianale & Vianale LLP is active in major litigations pending in federal and state courts. More about the firm is available on its website.
If you wish to discuss this action with us, or have any questions concerning our lawsuit, this notice or your rights and interests with regard to this case, please contact:
Kenneth J. Vianale, Esq.
kvianale@vianalelaw.com
Ismael Aviles
iaviles@vianalelaw.com
Vianale & Vianale LLP
2499 Glades Road, Suite 112
Boca Raton, FL 33431
888-657-9960 (Toll Free)
(561-392-4750)