Spector Roseman Kodroff & Willis, P.C. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Pla...
November 06 2009 - 3:52PM
Business Wire
Spector Roseman Kodroff & Willis, P.C. (www.srkw-law.com)
today announced that it is investigating Advanta Corp. (“Advanta”
or the “Company”) (Nasdaq:ADVNB) for potential violations of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"). The investigation focuses on investments in company
stock in the Advanta Corp. Employee Stock Ownership Plan and the
Advanta Corp. Employee Savings Plan (together, the "Plans").
Spector Roseman’s investigation involves concerns that Advanta
and other administrators of the Plans may have breached their
ERISA-mandated fiduciary duties of loyalty and prudence to
participants and beneficiaries of the Plans. A breach may have
occurred if the fiduciaries failed to manage the assets of the
Plans prudently and loyally by investing the assets in Company
stock when it was no longer a prudent investment for participants'
retirement savings.
If you are a participant in the Advanta Corp. Employee Stock
Ownership Plan and/or the Advanta Corp. Employee Savings Plan and
held Advanta common stock in your Plan account, you may contact
Theodore M. Lieverman or Andrew D. Abramowitz at the firm’s
toll-free number, 888-844-5862. Even if you have relatively small
losses, a class action lawsuit can protect your rights at no cost
to you.
Spector Roseman Kodroff & Willis, P.C., a Philadelphia,
Pennsylvania law firm, concentrates its practice in class action
and complex litigation, including actions dealing with securities
laws, antitrust, contract and commercial claims, and labor and
employment. The firm is active in major litigation pending in
federal and state courts throughout the United States, including
claims for participants of employee benefit funds under ERISA and
other laws. The firm’s reputation for excellence has been
recognized on repeated occasions by courts which have appointed the
firm as lead counsel in numerous major class actions. As a result
of the efforts of the firm, billions of dollars have been recovered
through judgments and settlements on behalf of injured class
members.
For more information about the firm, visit its website at
http://www.srk-law.com.
Advanta Corp Class B (MM) (NASDAQ:ADVNB)
Historical Stock Chart
From Apr 2024 to May 2024
Advanta Corp Class B (MM) (NASDAQ:ADVNB)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Advanta Corp Class B (MM) (NASDAQ): 0 recent articles
More Spector Roseman Kodroff & Willis, P.C. News Articles