SOURCE: Tramont, Guerra & Nunez, P.A.

October 09, 2008 08:00 ET

Notice to Lehman Brothers Preferred Stock Shareholders Underwritten Through Wall Street Firms From the Law Firm of Tramont Guerra Núñez, PA

CORAL GABLES, FL--(Marketwire - October 9, 2008) - The Securities Law Firm of Tramont Guerra & Núñez, PA (TGN) makes an announcement to Lehman Brothers Preferred Stock, Series J, Shareholders (PINKSHEETS: LEHJQ) issued by Lehman Brothers Holdings, Inc. (PINKSHEETS: LEHMQ). The Lehman Brothers Preferred Stock "Series J" class action lawsuit (Case No. 08 CV 08225) filed September 24, 2008, included amongst the named parties the following Wall Street underwriters of the stock issue; Bank of America Securities (NYSE: BAC), Merrill Lynch (NYSE: MER), Citigroup Global Markets (NYSE: C), Morgan Stanley (NYSE: MS), UBS Securities, (NYSE: UBS), Wachovia Capital Markets (NYSE: WB). The six named underwriters were the lead managers of the stock offering with responsibilities to review the Circular Offering distributed to investors.

The class action lawsuit alleges that the statements made in the Offering Circular by the underwriting syndication were materially false and misleading. Many investors were advised by their financial advisors that the Lehman Brothers Preferred Stock, Series J was a suitable investment for risk adverse investors. Brokerage firms are obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the Financial Industry Regulatory Authority (FINRA) Rules and Regulations. Sales practice violations by financial advisors, such as the recommendation of unsuitable investments and concentration in a particular security or sector, are both violations which may qualify an investor for an individual arbitration claim with FINRA. In some cases, shareholders must "opt-out" as a class member in order to pursue a securities arbitration claim filed with FINRA.

The Securities Law Firm of Tramont Guerra & Núñez, PA, is a bilingual law firm located in Coral Gables, Florida. To request a confidential consultation from a TGN attorney concerning losses that were the result of sales practice violations in a full service brokerage account, contact us on our website at To speak directly with an attorney, call (800) 578-0137 and ask for David Chacin, Esquire.

Contact Information

  • Contact:
    David Chacin, Esquire
    Tramont Guerra Núñez, PA
    (800) 578-0137
    Email Contact