Lehman reports first time quarterly losses

NEW YORK, June 9 (UPI) -- U.S. financial giant Lehman Brothers said Monday it would liquidate $6 billion of shares to see it through second-quarter losses.

Lehman said it would offer 143 million of common stock at $28 per share and 2 million shares of preferred stock at the expected price of $1,000.

The company estimated second-quarter losses at $2.8 billion or $5.14 per share.

Lehman's shares have tumbled 51 percent on the year with analysts speculating the firm could soon be sold, The New York Times reported Monday.

"I am very disappointed in this quarter's results. Notwithstanding the solid underlying performance of our client franchise, we had our first-ever quarterly loss as a public company," Lehman Brothers Chief Executive Officer Richard Fuld Jr. said in a statement.