INVESTOR ALERT: KGS Notifies BankUnited Financial Corp. Purchasers With Losses Greater Than $300,000, of Lead Plaintiff Applicat
17 Septiembre 2008 - 10:13PM
Marketwired
Kahn Gauthier Swick, LLC ("KGS") announces that a securities class
action lawsuit was filed in the United States District Court for
the Southern District of Florida, on behalf of purchasers of the
common stock of BankUnited Financial Corporation ("BankUnited")
(NASDAQ: BKUNA) during the period between April 18, 2006 and June
18, 2008 (the "Class Period"). No class has yet been certified in
this action.
If you would like to discuss your legal rights, you may e-mail
or call KGS Managing Partner Lewis Kahn, without obligation or cost
to you, toll free 1-866-467-1400, ext. 100, via cell phone after
hours at 504-301-7900, or by email at
lewis.kahn@kgscounsel.com.
The complaint charges BankUnited and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants made
materially false and misleading statements regarding the Company
including that: (a) the true risk associated with investing in the
Company, given its undisclosed lack of underwriting standards; (b)
the Company's true exposure to losses related to its sale of
billions of dollars of pay-option arms, which were sold to
unqualified borrowers at rates that were allowed to be set at
artificially low levels; (c) BankUnited had adopted inadequate
appraisal process and procedures, the purpose and effect of which
was to qualify borrowers for over-valued mortgages; and (d) other
illegal and improper practices related to the purchase and sale of
subprime and nonprime mortgages. When the true impaired condition
of the Company was ultimately made known to investors, shares of
the Company collapsed and shareholders were damaged.
If you wish to serve as lead plaintiff in this class action
lawsuit, you must move the Court no later than November 17, 2008.
Any member of the putative class may move the Court to serve as
lead plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member. If you would like to
discuss your legal rights, you may e-mail or call KGS Managing
Partner Lewis Kahn, without obligation or cost to you, toll free
1-866-467-1400, ext. 100, after hours via cell phone 504-301-7900,
or by email at lewis.kahn@kgscounsel.com. To learn more about KGS,
you may visit www.kgscounsel.com. KGS is a law firm focused on
securities class action litigation with offices in New Orleans and
New York City.
KGS' lawyers have significant experience litigating complex
securities class actions. Among other cases, KGS has been appointed
Lead or Co-Lead Counsel in the following securities cases: In re:
U.S. Auto Parts Networks, Inc. Securities Litigation, C.D. Cal.; In
re Optionable, Inc. Securities Litigation, S.D.N.Y.; In re Xethanol
Corporation Securities Litigation, S.D.N.Y.; Pixelplus Co. Ltd.,
S.D.N.Y.; In re Witness Systems Inc. Securities Litigation, N.D.
Ga.; Whitney Information Network, M.D. Fla.; Bodisen Biotech, Inc.,
S.D.N.Y.; Pegasus Wireless Corp., S.D. Fla.; In re Xinhua Finance
Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon Comm. Systems
Inc., N.D. Cal.; Gaming Partners, D. Nev.; and In re BigBand
Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: KGS encourages you to carefully evaluate any
firm you may consider to represent your interests in the BankUnited
class action. The Private Securities Litigation Reform Act
("PSLRA") permits BankUnited shareholders to choose counsel of
their choice to prosecute this action. Critical components of a law
firm's ability to successfully prosecute this action and obtain a
strong recovery for you include the resources it will dedicate to
prosecution of the case, including the number of lawyers the firm
has available for the BankUnited action in particular, AND
especially the quality of the firm's work. Interested shareholders
are encouraged to call for consultation and to request more
information about KGS. While KGS has not filed suit yet, the firm
is currently conducting its own investigation of BankUnited and
invites shareholders to evaluate its complaint when choosing
counsel.
Contact: Lewis Kahn Kahn Gauthier Swick, LLC 1-866-467-1400,
ext. 100 Lewis.kahn@kgscounsel.com
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