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Friday, November 30, 2007

Pzena Slapped With Suit Post-IPO

by: Armie Margaret Lee

Pzena Asset Management has been slapped with a lawsuit in connection with the firm's October IPO. The suit filed in the United States District Court for the Southern District of New York, was field by Baltimore law firm Brower Priven on behalf of Pzena stockholders. The complaint alleges that Pzena and its executives issued materially false and misleading statements that artificially inflated the market price of the firm's securities. Last week, New York law firm Abraham, Fruchter & Twersky filed a suit on behalf of a shareholder alleging that Pzena did not disclose net redemptions in the $8-billion John Hancock Classic Value Fund, which is subadvised by Pzena, at the time of its IPO last month (see " Fund Outflows Trigger a Lawsuit for Pzena," November 26, 2007).  

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