DENVER, April 23, 2008 (PRIME NEWSWIRE) -- Dyer & Berens LLP (www.berenslaw.com) today announced that it has filed a class action lawsuit on behalf of purchasers of the common stock of The Blackstone Group L.P. ("Blackstone" or the "Company") (NYSE:BX) pursuant and/or traceable to the Company's initial public offering on or about June 25, 2007 (the "IPO"). The lawsuit was filed in the United States District Court for the Southern District of New York and was assigned Case No. 08-cv-3838.
If you are a purchaser of Blackstone common stock, you may have the legal right to petition the court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made on or before June 16, 2008. If you are a Blackstone investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Jeffrey A. Berens, Esq. at 1-888-300-3362, 303-861-1764 or via email at jeff@dyerberens.com.
The class action complaint alleges that, in connection with its IPO, Blackstone failed to disclose that certain of its portfolio companies were not performing well and were of declining value. As a result, the Company's equity investment was impaired and it would not generate anticipated performance fees on those investments or would have fees "clawed-back" by limited partners in its funds.
Dyer & Berens LLP specializes in complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. Its attorneys have served as lead or liaison counsel in many securities fraud class actions, including: In re Qwest Comm'ns Int'l Sec. Litig.; Croker v. Carrier Access Corp.; UFCW Local 880-Retail Employers Joint Pension Fund v. Newmont Mining Corp.; Rasner v. FirstWorld Comm'ns, Inc.; In re ICG Comm'ns Sec. Litig.; Angres v. Smallworldwide, PLC; In re Ultimate Electronics, Inc. Sec. Litig.; Kerns v. SpectraLink Corp.; Queen Uno Ltd. v. Coeur d'Alene Mines Corp.; Toothman v. One-Stop Wireless of America; Gregg v. Sport-Haley, Inc.; and In re Tele-Communications, Inc. Sec. Litig.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.