Investors and analysts who follow American International Group boosted the company's stock yesterday when a civil suit filed by New York authorities against the company produced no new allegations of wrongdoing.
AIG stock soared more than 3 percent on the New York Stock Exchange. The action filed by New York Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills names as defendants AIG as well as two of its ex-executives, former Chief Executive Maurice Greenberg and former Chief Financial Officer Howard Smith, for allegedly manipulating AIG's accounting.
William Wilt, analyst from New York-based Morgan Stanley, noted in his research note that investors have "already warmly greeted the absence of heretofore unknown allegations" emerging from the complaint.
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