American International Group, Inc. Lawsuit

AIG

American International Group, Inc. AIG Securities Stock Fraud

Company:	American International Group, Inc.
Ticker Symbol:	AIG
Class Period:	Nov-17-06 to Apr-10-08
Date Filed:	Jan-15-09
Lead Plaintiff Deadline:	Mar-16-09
Court:	Southern District of New York
Allegations:

A lawsuit was filed on January 15, 2009 in the United States District Court for the Southern District of New York seeking class action status on behalf of purchasers of American International Group, Inc. ("AIG") Medium-Term Notes, Series AIG-FP ("Notes") issued by AIG pursuant and/or traceable to AIG's public offerings of Notes pursuant to a prospectus dated July 24, 2006 and a series of prospectus supplements (the "Offering Documents"), during the period from November 17, 2006 through April 10, 2008. AIG issued a prospectus supplement for each of the 59 series of Notes offered for sale, commencing with the prospectus supplement for FP-1 on November 17, 2006.

The Complaint names as defendants AIG, several investment banking firms that acted as sales agents for the Note offerings, and certain directors and officers of AIG, and asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933.

The Notes were offered and sold to the public through various investment banking firms and broker-dealers, including the following: AIG Financial Securities Corp., ABN AMRO Incorporated, Banca IMI S.p.A., Banc of America Securities LLC, Barclays Capital, Inc., Bear Stearns & Co., Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Capital Markets, Inc., Calyon Securities (USA) Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Daiwa Securities America, Inc., Daiwa Securities SMBC Europe Limited, Deutsche Bank Securities, Inc., Goldman Sachs & Co., Greenwich Capital Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Lehman Brothers Inc., McDonald Investments Inc., Mitsubishi UFJ Securities International plc, Morgan Stanley & Co. Incorporated, Nomura Securities International, Inc., RBC Capital Markets Corporation, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC, TD Securities (USA), LLC, UBS Securities LLC, and Wachovia Capital Markets, LLC.

The Complaint asserts that the Offering Documents were materially false and misleading in failing to disclose material facts relating to the severely deteriorating financial condition of AIG at the time of the offering and that when such facts were disclosed, the market value of the Notes declined substantially. In particular, the Offering Documents failed to disclose: 1) that AIG's significant exposure to the subprime mortgage market as a result of AIG's extensive holdings in subprime mortgage-backed securities constituted a serious and material risk to AIG's creditworthiness and credit standing; 2) that AIG's exposure from its sale of credit default swaps constituted a serious and material risk to AIG's creditworthiness and credit standing; and 3) that these serious risks and exposures adversely affected the market value of the Notes, which declined substantially upon disclosure of this adverse information.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

American International Group, Inc. AIG Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible American International Group, Inc. securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation. Related Law Suits

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