From the Executive Summary by Jenner & Block

On January 29, 2008, Lehman Brothers Holdings Inc. (“LBHI”1) reported record
revenues of nearly $60 billion and record earnings in excess of $4 billion for its fiscal
year ending November 30, 2007.2 During January 2008, Lehman’s stock traded as high
as $65.73 per share and averaged in the high to mid‐fifties,3 implying a market
capitalization of over $30 billion.4 Less than eight months later, on September 12, 2008,
Lehman’s stock closed under $4, a decline of nearly 95% from its January 2008 value.5
On September 15, 2008, LBHI sought Chapter 11 protection,6 in the largest bankruptcy
proceeding ever filed.7