UNIONDALE, N.Y., May 27, 2008 (PRIME NEWSWIRE) -- Mark & Associates, P.C., along with its co-counsel, have filed an arbitration request with the Financial Industry Regulation Authority "FINRA" (FINRA Dispute Number 08-01208) on behalf of a married couple who lost in excess of $100,000 after purchasing Bear Stearns (NYSE:BSC) shares. The arbitration request names the Bear Stearns Companies, Inc. and its Chief Executive Officer Alan Schwartz as respondents. The Claimant's Statement of Claim alleges that the Claimants suffered significant financial losses when Bear Stearns' stock precipitously declined, which was the result of the respondents breaching their fiduciary responsibility, omitting material facts, and issuing false and misleading statements. Mark & Associates, P.C. anticipates filing additional arbitrations in the coming weeks. Bear Stearns investors who lost in excess of $10,000 can request a free case consultation at www.BearStearnsInvestors.com.
Bear Stearns shareholders suffered staggering financial losses as the company's shares lost more than 90 percent of their value from March 13, 2008 to March 17, 2008. On March 13, 2008, Bear Stearns announced it had received emergency financing from JPMorgan Chase (NYSE:JPM) and the Federal Reserve, triggering a dramatic sell off of the company's shares. The bailout news was followed by an announcement on Sunday, March 17, 2008, that JPMorgan Chase would acquire Bear Stearns for $2.00 per share. However, on March 24, 2008 the companies announced that they modified the merger agreement, with JP Morgan agreeing to offer to Bear Stearns shareholders $10.00 per share.
Mark & Associates, P.C. believes that Bear Stearns misled shareholders by making false and misleading statements and by failing to disclose material facts concerning the company's business and financial status. The news of the bailout and subsequent sale of the company came just days after the company's CEO appeared on national television to reassure investors about the company's finances. Both the Securities and Exchange Commission (SEC) and the United States Congress have launched investigations into the bailout and sale of Bear Stearns.
Current and former Bear Stearns shareholders who lost in excess of $10,000 are encouraged to request a free consultation at www.BearStearnsInvestors.com. Mark & Associates, P.C. and its co-counsel plan to file individual claims on behalf of investors who meet certain criteria. An individual claim is unlike a class action claim in that the remedies sought with individual claims are based upon the specific merit and facts of a particular loss. Class action claims are brought by one or more representatives on behalf of a group of class members who have similar claims.
Mark & Associates, P.C. has already been contacted by individual investors, institutional investors and Bear Stearns employees to learn about their legal rights. Many current and former Bear Stearns employees have lost a significant portion of, and, in some cases, their entire retirement savings. Many individual investors who purchased the stock on margin have had their shares sold out by their brokerage firms, as their accounts sank below equity limit requirements. Investors who purchased on margin may not have only lost all of their equity, but they could actually owe their brokerage houses money if their investment losses exceeded the equity in their accounts.
Investors can get more information by visiting http://www.BearStearnsInvestors.com or http://www.youhaverights.com/corporate-fraud/bear-stearns-stock-fraud. A podcast on the Bear Stearns crisis is available at http://www.youhaverights.com/podcast/episode/was-bear-stearns-acting-in-the-shareholders-best-interest/. Investors can request a free legal consultation by completing the submission form on these websites or by calling 1-866-507-4448.
About Mark & Associates, P.C.
Mark & Associates, P.C. is a leading consumer law firm with offices in Boston, Massachusetts and Long Island, New York. The firm aggressively represents victims of securities and investment fraud, insurance bad faith, defective products, dangerous pharmaceuticals and medical devices and serious accidents. More information on Mark & Associates, P.C. is available at http://www.youhaverights.com.