Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of IndyMac Bancorp, Inc.
16 Junio 2008 - 5:53PM
Marketwired
NEW YORK, NY (NYSE: IMB) between August 16, 2007 and May 12,
2008 (the "Class Period").
Stull, Stull & Brody has substantial experience representing
employees who suffered losses from purchases of their employer's
stock in their 401(k) plans. If you bought IndyMac stock through
your IndyMac retirement account and have information or would like
to learn more about these claims, please contact us.
The complaint charges IndyMac and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
IndyMac is the holding company for IndyMac Bank, F.S.B., a hybrid
thrift/mortgage bank. The complaint alleges that during the Class
Period, defendants issued materially false and misleading
statements regarding the Company's business and financial results.
Specifically, defendants downplayed and concealed IndyMac's growing
exposure to non-performing assets, particularly loans in its
pay-option adjustable-rate mortgages ("Option ARM") and homebuilder
construction portfolios, and made numerous positive representations
regarding the Company's capital position to alleviate investors'
fears concerning the Company's capital erosion. As a result of
defendants' false statements, IndyMac stock traded at artificially
inflated prices during the Class Period, reaching a Class Period
high of $24.55 per share in October 2007.
Then, on May 12, 2008, IndyMac announced its first quarter 2008
financial results, including a net loss of $184.2 million, or $2.27
per share, compared with net earnings of $52.4 million, or $0.70
per share, in the first quarter of 2007. On this news, IndyMac's
stock dropped to close at $2.32 per share -- a two-day decline of
$1.11 per share, or 32%, and a decline of 91% from $24.55 per share
on October 2, 2007.
According to the complaint, the true facts, which were known by
defendants but concealed from the investing public during the Class
Period, were as follows: (a) the Company was not adequately
reserving for its losses on mortgage-related assets in violation of
generally accepted accounting principles; (b) the Company had far
greater exposure to anticipated losses and defaults concerning its
book of business related to its home builder and Option ARM
portfolios than it had previously disclosed; (c) the Company's
capital base was not adequate enough to withstand the significant
deterioration in the credit and real estate markets and could
jeopardize the Company's status as "well capitalized"; (d) IndyMac
had not adequately reserved for Option ARMs; and (e) given the
Company's exposure to increased volatility in the credit and real
estate markets, the Company had no reasonable basis to make
projections about its earnings.
Plaintiff seeks to recover damages on behalf of all those who
purchased or otherwise acquired IndyMac's common stock during the
Class Period, which is between August 16, 2007 and May 12, 2008. If
you purchased or otherwise acquired IndyMac's common stock during
the Class Period, and either lost money on the transaction or still
hold the securities, you may wish to join in the action to serve as
lead plaintiff. If you purchased IndyMac's common stock during the
Class Period, you may request that the Court appoint you as lead
plaintiff no later than sixty days from June 11, 2008.
A lead plaintiff is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Stull, Stull & Brody, or other
counsel of your choice, to serve as your counsel in this action.
Stull, Stull & Brody has litigated many class actions for
violations of securities laws in federal courts over the past 30
years and has obtained court approval of substantial settlements on
numerous occasions. Stull, Stull & Brody maintains offices in
New York and Los Angeles.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Tzivia Brody, Esq. at Stull, Stull
& Brody by e-mail at SSBNY@aol.com, by calling toll-free
1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull,
Stull & Brody, 6 East 45th Street, New York, NY 10017. You can
also visit our website at www.ssbny.com.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
Contact: Tzivia Brody, Esq. Stull, Stull & Brody Email
Contact toll-free 1-800-337-4983 fax 1-212-490-2022
www.ssbny.com
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