Welcome to the website for MBI EY Securities Litigation, pending in the United States District Court for the Eastern District of California (the “Action”).
The purpose of this website is to inform you of a securities class action now pending in the United States District Court for the Eastern District of California (the “Court”) under the above caption.
The Court-appointed Lead Plaintiffs, Special Situations Fund III QP, L.P. and Special Situations Cayman Fund, L.P. (“Lead Plaintiffs” or “The Funds”), on behalf of themselves and the other members of the EY Settlement Class, have reached a proposed settlement of the Action with Defendant Ernst & Young LLP (“EY” or the “Settling Defendant,” and together with Lead Plaintiffs, the “Settling Parties”) for $775,000 in cash (the “EY Settlement”).
The EY Settlement, if approved, will resolve all claims in the above-captioned securities class action pending in the Court against EY. The claims asserted against EY are the only remaining claims in this Action and, therefore, if the Settlement is approved by the Court, the Action will be completely resolved subject to any appeals.
The Class, certified by the Court, consists of:
All persons and entities who or which purchased or otherwise acquired MBI common stock directly in or traceable to the Company’s secondary offering pursuant to MBI’s Form S-1 Registration Statement, dated May 16, 2014, and its Prospectus dated June 5, 2014 (the “Secondary Offering”), and were damaged thereby (the “Secondary Claimants”).