April 19, 2001 |
A federal judge cleared Bear Stearns Cos. of charges that the Wall Street firm assisted a now-bankrupt hedge fund in committing fraud that led investors to lose more than $400 million. "There are insufficient allegations that [Bear Stearns] knew of or assisted in the alleged fraud," U.S. District Judge Denise Cote said. The founder of the hedge fund, Michael Berger, has pleaded guilty to sending phony financial statements to investors overstating the performance of Manhattan Investment Fund Ltd.
January 5, 2001
Lehman Bros. Holdings (ticker symbol: LEH) and Bear Stearns (BSC), two of the last independent U.S. investment banks, posted quarterly results Thursday that sailed past analysts' expectations, showing resilience in the face of recent stock market carnage. Revenue rose at both firms during a quarter that analysts expected to be tough for many Wall Street companies as stock markets dropped, stock offerings pulled back and the corporate bond market slumped. Bear Stearns said profit fell 6% to $195.
October 10, 2000 |
Prometheus Real Estate Group Inc. said it has acquired the Cascades Apartments in Anaheim Hills from Bear Stearns Joint Venture for $41 million. Prometheus paid an average of $143,000 per apartment for the 292-unit property, one of the top prices per unit in Orange County this year. Despite strong job and population growth, builders are having a hard time keeping up with demand because land is too scarce and too costly to develop.
September 15, 2000 |
Bear Stearns Cos. said fiscal third-quarter net income fell 5.7% to $181.4 million, or $1.32 a share, because of a decline in investment banking that was partly offset by gains in its trading business. Bear Stearns, which has one of the biggest trade-clearing operations on Wall Street, said net revenue rose 6% to $1.3 billion, with stock trading and commissions generating $790 million, or more than half. Commissions earned by executing orders rose 9.
August 9, 2000 |
Bear, Stearns Cos. said it paid $30 million to settle a lawsuit that claimed the securities company gave bad merger advice to a software company that later went bankrupt. The settlement comes 11 years after Bear Stearns advised California software company Daisy Systems Corp. in the takeover of a smaller rival. A Bear Stearns spokeswoman confirmed the settlement but gave no further details, other than to say Bear Stearns dropped a claim for $2.
July 25, 2000 |
Is Bear Stearns the next brokerage to go on the auction block? The Wall Street firm's shares (ticker symbol: BSC) jumped $3.44 to $49.75 on the New York Stock Exchange Monday after an analyst at rival Salomon Smith Barney said Bear's top executive may be open to a takeover. Guy Moszkowski, the Salomon analyst, said in a report that Bear CEO James Cayne has indicated he would consider the right offer.
May 17, 2000 |
Bear Stearns Cos. must pay Canadian investor Henryk de Kwiatkowski $111.5 million for failing to warn him of the risks of foreign currency speculation, a federal jury in New York ruled. De Kwiatkowski sued the New York investment bank in 1996, claiming that the firm's investment advisors, including managing director Albert Sabini, were negligent for allowing him to buy $6.5 billion worth of foreign currency futures in 1994.
March 16, 2000 |
Bear Stearns Cos., the No. 6 securities firm, said net income rose 20% in its fiscal first quarter, as rising investment banking fees offset a slump in bond trading. The 77-year-old firm earned $278.2 million, or $1.89 a share, in the three months ending Feb. 25, up from $230.7 million, or $1.45 per share. The average forecast of five analysts surveyed by First Call Corp. was $1.52 a share. Investment banking revenue rose 31% to $308.2 million. . . .
October 14, 1999 |
Bear Stearns Cos. on Wednesday said profit more than doubled in its fiscal first quarter from depressed levels a year ago, but the results failed to meet analysts' estimates, sending the securities firm's shares down 9%. Net income jumped to $157.9 million, or $1 a share, from $64.1 million, or 38 cents, a year earlier, when global financial market turbulence battered profits at most Wall Street firms. The results fell 13% short of Wall Street estimates of $1.