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Focus Turns To Phone Call In Bear Stearns Probe

Law360 (February 15, 2008, 12:00 AM EST) -- A federal investigation into the collapse of two Bear Stearns Cos. hedge funds last summer appears to be increasingly focused on a conference call that took place last April, with those probing the matter reportedly trying to determine whether investors were misled during that conversation.

Bear Stearns fund manager Ralph Cioffi indicated during an April 25 investor call that he was "cautiously optimistic" about the financial giant's ability to weather the looming subprime storm, the Wall Street Journal reported on Friday.

At the same time, Cioffi...
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