Dreier LLP Announces Class Action Lawsuit Against Luminent Mortgage Capital, Inc. (LUM)
23 Agosto 2007 - 8:00AM
PR Newswire (US)
NEW YORK, Aug. 23 /PRNewswire/ -- Dreier LLP
(http://www.dreierllp.com/) announces that a class action lawsuit
was commenced in the United States District Court for the Northern
District of California, on behalf of investors who purchased the
common stock of Luminent Mortgage Capital, Inc. ("Luminent" or the
"Company") (NYSE:LUM) during the period October 10, 2006 through
August 6, 2007, inclusive (the "Class Period"). The complaint
alleges violations of the federal securities laws, including
Section 10(b) of the Securities Exchange Act of 1934. If you
purchased Luminent common stock during the Class Period, you may be
a member of the proposed Class. You must move the Court on or
before October 8, 2007 if you wish to serve as a lead plaintiff.
Lead plaintiffs must meet certain legal requirements. If you have
acquired Luminent common stock and want to discuss your legal
rights, please contact Daniel B. Scotti () of Dreier LLP at
800-952-8897. Class members may retain counsel of their choice and
move the Court to serve as a lead plaintiff, or may choose to do
nothing and remain absent class members. Luminent is a real estate
investment trust, which purportedly invests primarily in United
States agency and other single-family, adjustable-rate, and fixed
rate mortgage-backed securities. The complaint alleges that during
the Class Period, defendants misled investors by issuing false and
misleading statements regarding the Company's business and
financial results. Specifically, the complaint alleges that: (i)
the Company lacked requisite internal controls, and, as a result,
the Company's projections and reported results issued during the
Class Period were based upon defective assumptions as well as
manipulated facts; (ii) the Company's investments in mortgage loans
were not all "high quality" as claimed by defendants, nor was its
hedging disciplined and sophisticated as to credit risk; and (iii)
the Company was not on track to report the earnings forecast or to
pay the dividends promised. In October 2006, Luminent completed an
offering of common stock valued at $10.25 per share. On August 6,
2007, after market close, the Company shocked investors by
announcing that the secondary market for its mortgage loans and
mortgage- backed securities had seized-up, and, as a result,
Luminent was experiencing a significant increase in margin calls on
its highest quality assets and a decrease on the financing advance
rates provided by its lenders. The following day, Luminent's stock
dropped $3.30, or 75%, to close at $1.08 per share on extremely
heavy trading volume. Dreier LLP's Class Action Litigation Group
has vast experience representing domestic and foreign institutional
and individual investors in securities and other class actions
throughout the country. The partners who head Dreier LLP's Class
Action Litigation Group have successfully prosecuted securities
fraud class actions in a wide variety of industries and have played
a significant role in cases that have resulted in some of the
largest securities class action settlements. Prior results do not
guarantee a similar outcome. As of the date of this Notice, Dreier
LLP has not filed a complaint against Luminent. Background on
Dreier LLP Dreier LLP was founded in 1996 by Marc Dreier as a more
responsive and innovative alternative to traditional "large-firm"
lawyering. Dreier LLP represents a wide range of institutional,
entrepreneurial and individual clients in diverse sectors of
financial, industrial and service-oriented markets. The firm's
principal practices are commercial litigation, class action
litigation, real estate, bankruptcy and corporate reorganization,
employment, corporate and securities, entertainment, intellectual
property, matrimonial and tax. Dreier LLP's Los Angeles affiliate,
Dreier Stein & Kahan LLP, has its principal practice in
entertainment and commercial litigation and corporate transactions.
The firm's affiliate Schlesinger Gannon & Lazetera LLP has an
extensive practice in the area of trusts and estates law. Pitta
& Dreier LLP is an affiliate which specializes in labor law,
and Pitta, Bishop, Del Giorno & Dreier LLP specializes in
government relations. In the 10 years since its founding, Dreier
LLP, with its affiliate members, has grown to nearly 200 attorneys,
with its principal office at 499 Park Avenue in Manhattan, and
additional offices in Los Angeles; Santa Monica, California;
Albany, New York; and Stamford, Connecticut. DATASOURCE: Dreier LLP
CONTACT: Dreier LLP, 1-800-952-8897, Web site:
http://www.dreierllp.com/
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