CHESTNUT RIDGE, NY -- (MARKET WIRE) -- 04/03/08 -- Kantrowitz, Goldhamer & Graifman, P.C. has filed a complaint against Bear Stearns Companies, Inc. (NYSE: BSC) ("Bear" or the "Company") and Bear Stearns Companies Inc. Employee Stock ownership Plan (the "Plan") and others in the United States District Court for the Southern District of New York for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The complaint is brought on behalf of employees and former employees of Bear who maintained their retirement funds or investments in the Plan at any time from December 31, 2006 to March 17, 2008, inclusive (the "participants," respectively). Defendants include the Company, the Plan Executive Committee and the fiduciaries of the Plan, including various officers and directors of Bear.
The Complaint challenges, among other conduct, defendants' breaches of fiduciary duty, and defendants allowing employees of Bear to invest their retirement savings in the common stock of Bear at a time when the fiduciaries, officers and directors of Bear responsible for the Plan, knew or should have known that Bear's financial and operating condition was being seriously damaged by its highly volatile and unsafe investments made by or with the direct approval of the same executives who were charged with the safe investment of the retirement funds of its employees in the Plan. This conflict of interest, imprudent investment strategy, failure to disclose and failure to inform the Plan's participants all caused substantial losses.
Kantrowitz, Goldhamer & Graifman and its co-counsel have extensive experience in ERISA class action litigation.
If you are a former employee who maintained retirement funds in the Company's ESOP or 401K plan, which were maintained or invested in Bear stock at anytime from December 31, 2006 to March 17, 2008, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Gary S. Graifman at Kantrowitz, Goldhamer & Graifman, P.C. toll-free at 800-660-7843 or via e-mail at email@example.com or by writing, Kantrowitz, Goldhamer & Graifman, 747 Chestnut Ridge Road, Chestnut Ridge, New York 10977.
Kantrowitz, Goldhamer & Graifman, P.C.
Gary S. Graifman, Esq.
1-800-660-7843 or 845/356-2570