PHILADELPHIA, April 27, 2010 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Southern District of New York, on behalf of all persons who purchased or otherwise acquired the common stock of Goldman Sachs (GS), between October 15, 2009 and the time it was publicly revealed on April 16, 2010, inclusive (the "Class Period"), against Goldman and certain of its officers and/or directors for violations of the 1934 Act. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from April 26, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com. ;
Goldman is a financial holding company that provides global banking, securities and investment management services in the United States and Internationally. The complaint alleges that Goldman and certain of its officers and executives with violations of the Exchange Act. The complaint alleges that throughout the class period, defendants failed to disclose information about the company's business, specifically with respect to the marketing of ABACUS 2007-AC1 ("ABACUS"). ABACUS is a synthetic collateralized debt obligation ("CDO") that was marketed to investors in early 2007. Investors in ABACUS have lost over $1 billion. The SEC recently filed a complaint against Goldman for "making materially misleading statements and omissions" in connection with the marketing of ABACUS. ABACUS was structured and tied to the performance of subprime residential mortgage-backed securities. As result of defendants' false statements, Goldman stock traded at inflated levels during the Class Period. After the revelations seeped into the market, the Company's shares were hammered by massive sales, sending them down more than 13% from their price before these disclosures, on huge trading volume. Goldman stock plummeted $24.05, declining from $184.27 per share on April 15, 2010 to close at $160.70 per share on April 16, 2010.
The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or debbie@bernardmgross.com
Website: http://www.bernardmgross.com