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Billionaire Investor Sues Bear Stearns For Fraud

Law360 (April 14, 2008, 12:00 AM EDT) -- Billionaire H. Roger Wang has reportedly launched a suit alleging Bear Stearns Cos. fraudulently sold him $7 million of stock days before its meltdown.

The suit filed Thursday in the Los Angeles County Superior Court seeks $10 million in damages, accusing Bear Stearns, broker Joey Zhou and Garrett Bland, a senior managing director, of fraud and breach of fiduciary duty.

The complaint alleges that Bear Stearns and it employees "concealed highly relevant information about Bear Stearns, including specifically its extremely poor and disastrous financial condition" and...
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