BALA CYNWYD, Pa., June 21, 2010 (GLOBE NEWSWIRE) -- Law Office of Brodsky & Smith, LLC announces a class action lawsuit in the U.S. District Court for the Southern District of New York seeking to recover damages on behalf of purchasers of the common stock of The Goldman Sachs Group, Inc. (NYSE:GS) ("Goldman" or the "Company") between February 6, 2007 and April 30, 2010, inclusive (the "Class Period"). Goldman is a global investment banking and financial services firm headquartered in New York City.
The Complaint alleges that Goldman and certain of its officers and directors failed to disclose and misrepresented material adverse facts which were known, or were recklessly disregarded, in connection with the marketing of synthetic collateralized debt obligation ("CDO") and other products including, among others, ABACUS 2007-AC1, by issuing materially misleading: (i) statements about Goldman's client-focused business model, risk controls and business practices; and (ii) statements made in an effort to downplay profits Goldman made from shorting the housing market. Additionally, the defendants failed to reserve for probable losses stemming from the Company's illicit actions, and thus understated expenses and inflated Goldman's reported financial results. The defendants also failed to disclose that the SEC had opened an investigation into Goldman's activities since mid-2008.
If you purchased or acquired Goldman common stock during the Class Period, and lost money on the transaction, you may wish to serve as the lead plaintiff. You may, no later than June 25, 2010, request that the Court appoint you as the lead plaintiff. A lead plaintiff is a representative that acts on behalf of other class members throughout the litigation. To be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of all class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as lead plaintiff. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.