UBS Financial Services, Inc. of Puerto Rico

Period: Jan 1, 2008 to May 1, 2012

Lead Plaintiff Deadline: Oct 12, 2012 + Deadline passed

Summary of Case:

On October 16, 2012, Scott+Scott, Attorneys at Law, LLP ("Scott+Scott") was appointed as lead counsel in a securities class action against UBS Financial Services, Inc. of Puerto Rico ("UBS Puerto Rico"), its corporate parent, and certain of its affiliates and officers.  The matter, In re UBS Financial Services, Inc. of Puerto Rico Securities Litigation, Case No. 3:12-cv-01663 (D.P.R.), charges Defendants with perpetrating an illegal scheme relating to the marketing and sale of hundreds of millions of dollars of certain non-exchange-traded closed-end funds ("CEFs") to investors.  

The action alleges that the Defendants created the illusion of liquidity in the CEF market by manipulating the price and the purchases of the CEFs in order to attract investors and resultant commissions, while at the same time concealing the fact that UBS Puerto Rico was overly invested in the securities.  In this manner, Defendants artificially inflated and maintained the prices of the CEFs.  In reality, the market for the securities was oversaturated.  Ultimately, the action charges, UBS Puerto Rico withdrew market support for the CEFs, drastically reducing its inventory by undercutting pending customer sale orders.  The scheme caused investors to collectively lose millions of dollars as the CEF prices declined precipitously.  The putative class consists of investors who purchased or acquired the CEFs from UBS Puerto Rico between January 1, 2008 and May 1, 2012.

On January 17, 2013, Scott+Scott filed the second consolidated amended complaint in the action on behalf of plaintiffs and members of the putative class.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.