Published:
Spector Roseman Kodroff & Willis, P.C. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan
PHILADELPHIA - (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.
Spector Roseman Kodroff & Willis, P.C.
Theodore M. Lieverman
or
Andrew
D. Abramowitz
888-844-5862
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