MARTINGALE RISK, A FINANCIAL AND LEGAL ADVISORY FIRM AND THE ITALIAN INDUSTRY LEADER FOR FINANCIAL SECURITIES LOSS RECOVERY, IS PREPARING TO FILE A COLLECTIVE LAWSUIT AGAINST MPS (OR "THE BANK") (NYSE: BMPS): 1. FOR VIOLATIONS DISPUTED BY CONSOB (THE ITALIAN FINANCIAL SUPERVISORY AUTHORITY) WITH SANCTION NO. 19459 RELATED TO THEIR 2014 FINANCIAL STATEMENTS AND THE NON-COMPLIANCE OF THEIR JUNE, 2015 SEMI-ANNUAL FINANCIAL REPORT; 2. FOR THE ACCOUNTING OF LARGE ADJUSTMENTS ON NON-PERFORMING LOANS WITHIN THEIR FINANCIAL DOCUMENTS RELATED TO THE PERIOD 2012-2016 AND 3. FOR THEIR ASSESSMENT OF LEGAL RISK RELATED TO THE PERIOD 2017-2020.
In 2016, MPS failed a stress test conducted by the European Banking Authority (EBA) in cooperation with the European Central Bank (ECB), exposing their inability to remain solvent by the end of the three-year adverse scenario. The test result demonstrated a critical issue concerning the volume of MPS's non-performing loans, which were not evident in their 2015 annual financial report or their 2016 semi-annual report.
Martingale Risk is investigating the result of the recent October 15th, 2020 Milan penal trial, which condemned ex executives, Fabrizio Viola and Alessandro Profumo, to six years and charged them with fines of 2.5 million for corporate miscommunication and stock manipulation.
Investors who purchased MPS securities from January 1st, 2012 to October 29th, 2020 have been provided with potentially misleading financial information and are encouraged to participate in the collective lawsuit to recover their losses. Investors may contact Martingale Risk to register for the lawsuit no later than the December 4th, 2020 statute of limitation deadline.
Terms and Conditions:
Investors will pay a Success Fee (25% plus VAT) calculated on the amounts recovered from MPS. Martingale Risk will cover all administrative and tax expenses incurred in the litigation. Martingale Risk will pay all adverse costs in an unsuccessful trial outcome.
How to Proceed:
If you have invested in MPS securities from 1/1/2012 to 10/29/2020, please contact Mr. Peter Ogden by writing to peter.ogden@martingalerisk.com or over the phone at Rome Headquarters: +39 06 32652828.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201110005677/en/
Contacts:
Dr. Marco Fabio Delzio
CEO Martingale Risk
Rome Largo del Nazareno, 15
00187
Milan Via Privata Maria Teresa, n. 4,
20123
London 60 Kensington Church Street,
W8 4DB
