Lehman Brothers (LEH) Continues Volatile Trade Following Convertible Preferred Offering

Shares of Lehman Brothers (NYSE: LEH) are volatile in after-hours trading Monday following news from the company that they will offer 3 million shares of Non-Cumulative Perpetual Convertible Preferred Stock.

The company said the offering optimizes the funding and accelerates their plan to reduce leverage. While this may be the case, the news has investors in Lehman a little nervous. Following the collapse of Bear Stearns, liquidity rumors have crept up on Lehman almost daily. [LJ]

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