Goldman Sachs Gets Sued, But Stock Hits New Weekly High

Australian hedge fund Basis Capital is suing Goldman Sachs (NYSE:GS) for fraudulent misrepresentation in its 2007 sale of two collateralized-debt-obligation securities. Just when Goldman thought all the negative press might die down, this should keep the bad behavior alive for journalists.

Basis Capital is seeking $67 million in compensatory damages and $1 billion in punitive damages. But have no fear Goldman (NYSE:GS) shareholders: the stock broke out to a new weekly high today. Wall Street analysts Rochdale upgraded shares of Goldman Sachs to Buy from Neutral this morning. That helps.

Here’s how Goldman is trading now:

  • The Goldman Sachs Group, Inc. (NYSE:GS): The shares recently traded at $116.31, up $1.4, or 1.22%. Its market capitalization is $58.83 billion. They have traded in a 52-week range of $84.27 to $175.34. Volume today was 4,576,224 shares versus a 3-month average volume of 8,717,700 shares. The company’s trailing P/E is 17.71, while trailing earnings are $6.57 per share. The company pays a dividend of $1.40 per share for a dividend yield of 1.40%. About the company: The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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