The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Accredited Home Lenders Holding Co.
20 Marzo 2007 - 8:22AM
Business Wire
Goldman Scarlato & Karon, P.C., a law firm with offices in
Pennsylvania and Ohio, announces that a lawsuit has been filed in
the United States District Court for the Southern District of
California, on behalf of persons who purchased or otherwise
acquired publicly traded securities of Accredited Home Lenders
Holding Co. (�Accredited� or the �Company�) (NASDAQ:LEND) between
November 1, 2005 and March 12, 2007, inclusive, (the �Class
Period�). The lawsuit was filed against Accredited and certain
officers and directors (�Defendants�). If you are a member of this
class and wish to view a copy of a complaint and join this class
action, please e-mail us at info@gsk-law.com and request a copy of
the complaint and a plaintiff certification. If you are a member of
the Class, you may move the Court no later than May 15, 2007 to
serve as a lead plaintiff for the Class. Any member of the
purported 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. The complaint alleges that
Defendants violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the complaint alleges that Defendants issued a series
of materially false and misleading statements regarding the
Company�s business and financial results. As alleged in the
Complaint, on February 14, 2007, the Company issued a press release
announcing poor profitability. Then, on March 12, 2007, the Company
issued a press release announcing that it was exploring strategic
alternatives. It also reported that it had paid approximately $190
million in margin calls on its facilities since January 1, 2007. In
addition, the Company was also seeking waivers and extensions of
certain financial and operating covenants under its warehouse and
repurchase facilities. The Company�s shares reacted negatively to
the news, falling from $11.40 per share to $3.97 per share in heavy
trading. If you bought Accredited securities between November 1,
2005 and March 12, 2007, inclusive, and would like to obtain
information about the lawsuit, then you are invited to call (888)
668-4130 to speak with an advisor.
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