SOURCE: Brower Piven, A Professional Corporation

February 18, 2009 16:17 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in ING Groep N.V. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 6, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - February 18, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who acquired the 6.375% ING Perpetual Hybrid Capital Securities (NYSE: ISF) and/or the 8.50% ING Perpetual Hybrid Securities (NYSE: IGK) (collectively, the "Securities") of ING Groep N.V. ("ING" or the "Company") pursuant or traceable to the Company's offering of those securities in June 2007 and June 2008, respectively (the "Offerings").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 6, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Securities pursuant or traceable to the Offerings. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose, in the registration statements and prospectuses issued in connection with the Offerings, EUR 2 billion in impairment charges associated with its exposure to bad loans, mortgage-related securities and other "pressurized" assets. According to the complaint, after the Company revealed the previously undisclosed failure to properly record losses for impaired assets and, on October 19, 2008, that the Company needed to raise EUR 10 billion by selling equity in the Company to the Dutch government, the value of the Securities declined significantly.

If you have suffered a net loss for all transactions in 6.375% ING Perpetual Hybrid Capital Securities and/or the 8.50% ING Perpetual Hybrid Securities of ING Groep N.V. purchased pursuant and/or traceable to the Offerings, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact