SOURCE: Brower Piven, A Professional Corporation

April 15, 2009 16:05 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Barclays Bank Series 5 American Depository Shares to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 9, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - April 15, 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 purchasers of Barclays Bank Series 5 American Depository Shares (NYSE: BCS-PD) issued and/or traceable to the false and misleading registration statement and prospectus and prospectus supplement in connection with the Company's initial public offering of approximately 100 million shares of series 5 ADSs, which became effective on April 11, 2008 (the "Offering").

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 June 9, 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 Company during the Class Period. 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 its Registration Statement and related prospectuses for the offering of its Series 5 Preferred the extent of impairment associated with the Company's exposure to mortgage-related securities. According to the complaint, as the true extent of impairment of the Company's mortgage-related securities assets became known in late 2008, the value of Barclays' Series 5 American Depository Shares declined significantly.

If you have suffered a net loss for all transactions in Barclays Bank Series 5 American Depository Shares in connection with the Offering, 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