SOURCE: Brower Piven, A Professional Corporation

April 10, 2009 21:15 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Prudential Financial, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 11, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - April 10, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of all persons who acquired depositary shares of Prudential Financial, Inc. ("Prudential" or the "Company") (NYSE: PHR) pursuant and/or traceable to a false and misleading registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Prudential's June 2008 initial public offering of the securities (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 May 11, 2008 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 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 Statement failed to disclose the true extent to which the Company's asset-backed securities collateralized with subprime mortgages were impaired. According to the complaint, after the Company revealed the previously undisclosed impairments and consequent write-downs in February 2009, the value of the depositary shares of Prudential Financial, Inc. 9% Junior Subordinated Notes declined significantly.

If you have suffered a net loss for all transactions in Prudential Financial, Inc. securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, 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

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Email Contact