SOURCE: Brower Piven, A Professional Corporation

February 04, 2011 21:30 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in The Royal Bank of Scotland Group plc ADRs to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 28, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 4, 2011) - 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 the American Depositary Receipts ("ADRs") of The Royal Bank of Scotland Group plc ("RBS" or the "Company") (NYSE: RBS) pursuant and/or traceable to a false and misleading registration statement and prospectus issued on or about April 8, 2005, the supplements thereto and documents referenced therein.

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 March 28, 2011 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 are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint charges RBS and certain of its officers, directors, and underwriters of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose that the Company's portfolio of debt securities was much more impaired than disclosed, with losses attributable to the severe impairment not being recorded and that the Company's participation in the acquisition of ABN AMRO would have disastrous results on the Company's capital position and overall operations such that, with an inadequate capital base resulting from the significant deterioration in the Company's subprime assets, the Company would have no choice but to raise significant amounts of additional capital under unfavorable terms. Brower Piven believes that investors in RBS's ADRs (symbol RBS) between March 1, 2007 and January 19, 2009 may also have certain rights in connection with the allegations in the complaint and in other pending litigation.

If you have suffered a loss from your transactions in RBS's ADRs (symbol RBS) between March 1, 2007 and January 19, 2009, or pursuant and/or traceable to a false and misleading registration statement and prospectus issued on or about April 8, 2005, you may obtain additional information by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 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
    Stevenson, Maryland
    410/415-6616
    Email Contact