UNIONDALE, N.Y., May 8 /PRNewswire/ -- Mark & Associates, P.C. announcesthat, along with its co-counsel, it has filed an arbitration request with theFinancial Industry Regulation Authority 'FINRA' (FINRA Dispute Number08-01137) on behalf of a Bear Stearns shareholder which names The Bear StearnsCompanies, Inc. (NYSE: BSC) and its Chief Executive Officer Alan Schwartz asrespondents. The Claimant's Statement of Claim alleges that the Claimantsuffered significant financial losses when Bear Stearns' stock precipitouslydeclined, which was the result of the respondents breaching their fiduciaryresponsibility, omitting material facts, and issuing false and misleadingstatements. Mark & Associates, P.C. anticipates filing additional arbitrationsin the coming weeks. Bear Stearns investors who lost in excess of $10,000 canrequest a free case consultation at www.BearStearnsInvestors.com.
Bear Stearns shareholders suffered staggering financial losses as thecompany's shares lost more than 90 percent of their value from March 13, 2008to March 17, 2008. On March 13, 2008, Bear Stearns announced it had receivedemergency financing from JPMorgan Chase (NYSE: JPM) and the Federal Reserve,triggering a dramatic sell off of the company's shares. The bailout news wasfollowed by an announcement on Monday, March 17, 2008, that JPMorgan Chasewould acquire Bear Stearns for $2.00 per share. However, on March 24, 2008 thecompanies announced that they modified the merger agreement, with JP Morganagreeing to offer to Bear Stearns shareholders $10.00 per share.
Mark & Associates, P.C. believes that Bear Stearns misled shareholders bymaking false and misleading statements and by failing to disclose materialfacts concerning the company's business and financial status. The news of thebailout and subsequent sale of the company came just days after the company'sCEO appeared on national television to reassure investors about the company'sfinances. Both the Securities and Exchange Commission (SEC) and the UnitedStates Congress have launched investigations into the bailout and sale of BearStearns.
Current and former Bear Stearns shareholders who lost in excess of $10,000are encouraged to request a free consultation at www.BearStearnsInvestors.com.Mark & Associates, P.C. and its co-counsel plan to file individual claims onbehalf of investors who meet certain criteria.
