Consolidated Class Action Complaint Filed in AIG Case

5/19/2009 - In In re American International Group, Inc. 2008 Securities Litigation, Barrack Rodos & Bacine, as co-lead counsel on behalf of the lead plaintiff, The State Treasurer of Michigan, as custodian of the Michigan Public School Employees Retirement System, the State Employees’ Retirement System, the Michigan State Police Retirement System, and the Michigan Judges Retirement System (“SMRS”), files a Consolidated Class Action Complaint against AIG, certain of its executives and directors, its outside auditor, PricewaterhouseCoopers, and certain underwriters of its public offerings, on behalf of purchasers of AIG’s publicly issued securities during the period from March 16, 2006 through September 16, 2008 (“Class Period”).

The 284-paragraph Complaint alleges that defendants violated the federal securities laws by making materially false and misleading statements concerning the company’s financial results, business operations, and condition, including its exposure to risky subprime mortgage debt, which caused the prices of AIG securities to be artificially inflated over the course of the Class Period.