Printer Friendly

The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Accredited Home Lenders Holding Co.

CONSHOHOCKEN, Pa. -- 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.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Mar 20, 2007
Words:365
Previous Article:Fitch Webcast: Subprime Mortgage Distress Effect on CDOs 3/22 11AM ET.
Next Article:Web Services Interoperability Organization, WS-I, to Host News Briefing.
Topics:


Related Articles
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Pixelplus Co., Ltd.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Discovery Laboratories, Inc.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Home Solutions of America, Inc.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Scottish Re Group Ltd.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces a Class Action Lawsuit Against IMAX Corporation.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Warner Chilcott Limited.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against Tier Technologies, Inc.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against New Century Financial Corp.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against USANA Health Sciences, Inc.
The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit against Wireless Facilities, Inc.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters