Monday, February 6, 2023 | Back issues
Courthouse News Service Courthouse News Service

Investors Sue Lehman Bros. CFO

CHICAGO (CN) - Lehman Bros. CFO Christopher O'Meara defrauded investors by concealing and denying the extent of Lehman's losses from mortgage-related securities to prop up the stock price, and when the truth was revealed in July 2007, share price dropped by 15 percent, a class-action shareholders' derivative complaint claims in Federal Court. Plaintiffs claim the company did not announce the full extent of the losses - $5.9 billion during the year ending Nov. 30, 2007 - until Jan. 29.

Read the Top 8

Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.

Loading
Loading...