SOURCE: Brower Piven, A Professional Corporation

December 18, 2008 13:32 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in American Capital Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 13, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - December 18, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of purchasers of the securities of American Capital Ltd. ("American Capital" or the "Company") (NASDAQ: ACAS) during the period between October 30, 2007 and November 7, 2008, inclusive (the "Class Period").

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 February 13, 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 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.

If you have suffered a net loss for all transactions in American Capital Ltd. securities during the Class Period (including shares or possibly calls purchased during, but retained after, the Class Period or possibly put options sold but not covered until after the Class Period), 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