SOURCE: Izard Nobel LLP

March 05, 2009 18:35 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Barclays Bank PLC

HARTFORD, CT--(Marketwire - March 5, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the American Depositary Shares, Series 2 ("Preferred Stock") (NYSE: BCS-P) of Barclays Bank Plc ("Barclays Bank" or the "Company") pursuant and/or traceable to a false and misleading registration statement and prospectus (the "Registration Statement") issued in connection with the Company's April 2006 offering of the Company's Preferred Stock representing 6.625% Dollar-Denominated Non-Cumulative Callable Preference Shares, Series 2 (the "Offering").

The Complaint charges that Barclays and certain of its officers and directors and underwriters violated federal securities laws. Specifically, the Complaint alleges that the Registration Statement for the Offering was false and misleading because it omitted the following facts: (i) Barclays' portfolio of mortgage-related securities was impaired to a much larger extent than had been disclosed; (ii) defendants failed to properly record losses for impaired assets; (iii) Barclays' internal controls were inadequate to prevent the Company from improperly reporting its mortgage-related investments; and (iv) Barclays was not as well capitalized as represented and would have to continually raise additional capital, which would dilute current holders and those investors purchasing Preferred Stock in the Offering.

If you are a member of the class, you may, no later than May 4, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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