Société Générale Named by Weiss & Lurie in Class Action

March 20 2008

NEW YORK--(BusinessWire) -- The law firm of Weiss & Lurie announced that it has filed a class action lawsuit against Société Générale (OTC:SCGLY) and two individuals associated with it was commenced in the United States District Court for the Southern District of New York on behalf of purchasers of American Depositary Receipts (“ADRs”) and all United States residents and citizens who purchased Société Générale shares between August 1, 2005 and January 23, 2008.

The complaint charges Société Générale and certain of its executive officers with violations of the Securities Exchange Act of 1934. It alleges that defendants misrepresented or omitted material information regarding Société Générale’s internal controls, risk management procedures, policy and practices; and exposure to subprime real estate loans and collateralized debt obligations (“CDOs”). It also alleges that one of the defendants engaged in insider trading before the disclosure of billions of dollars of write-downs in connection with the Company’s subprime exposure and the loss of more than $7 billion as a result of a “massive fraud” by “unauthorized” trading over a period of two years by one of its derivatives traders.

This action seeks to recover damages on behalf of defrauded investors who purchased Société Générale securities. Plaintiff is represented by Weiss & Lurie, a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the United States. Weiss & Lurie has been responsible for collectively recovering more than a billion dollars on behalf of class members and is one of the nation’s leading firms representing shareholders in securities class action litigation.

If you purchased Société Générale ADRs or other securities during the period of August 1, 2005 through January 23, 2008, you may move the court no later than May 12, 2008, to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

If you want to obtain a copy of the complaint or want more information about Weiss & Lurie or this action, or if you want to obtain a Certification form to serve as a lead plaintiff, please visit http://www.weisslurie.com. If you wish to receive an investor package or if you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact:

Joseph H. Weiss, James E. Tullman, and/or Joshua Rubin, (888) 593-4771 or (212) 682-3025 or via Internet electronic mail at or by writing Weiss & Lurie, The French Building, 551 Fifth Avenue, Suite 1600, New York City 10176.

Link to Press Release: Société Générale Named by Weiss & Lurie in Class Action