Plaintiff’s Response to PWC’s Motion for Summary Judgment
Harward v. UBS Warburg
This case was a securities fraud case brought by plaintiffs against international investment bank and securities firm UBS Warburg. Plaintiffs merged their company with another company and accepted $43 million worth of the other company’s shares of stock as the sale price for the acquisition. After the transaction closed, various misrepresentations in the acquiring company’s financial statements came to light that caused the stock to plummet in value and the company to eventually be de-listed. UBS was the underwriter on the acquiring company’s IPO that had occurred shortly before it acquired the plaintiffs’ company. UBS filed a summary judgment motion arguing that it did not recklessly make any misrepresentations in the prospectus and other offering materials for the IPO and that it did not render substantial assistance to the acquiring company in carrying out its fraud. This brief was filed by Heygood, Orr & Pearson on behalf of their client.