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Case ID: 5119 | Stocks | 07/21/2008
According to a law firm press release, plaintiffs filed suit against Franklin Bank and the Company's CEO and CFO during the Class Period.
The complaint alleges that defendants violated the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, the defendants engaged in a variety of accounting improprieties, including their admitted failure to charge off uncollectible loans and to mark Franklin's loans to market. As a result of the misconduct alleged, defendants understated the Company's delinquent, nonperforming, and uncollectible loans and thereby misrepresented Franklin's financial condition and results, including its overall and per-share profits and the fair market value of its residential mortgage loan portfolio.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed in the Northern District Court of California against SupportSoft, Inc. (NASQAQ: SPRT), a California bases software solutions company, and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2004 and October 1, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a press release dated December 9, 2008, the complaint alleges that the defendants made several statements during the Class Period about the Company's Las Cristinas Gold Project located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. Several class actions have been filed against personal protection and safety equipment manufacturer Abatix Corporation (Nasdaq:ABIX) and certain of its officers and directors by stockholders who purchased the company's common stock between 5:05 p.m. Eastern Standard Time on April 14, 2004, and 8:24 a.m. EST on April 21, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Several class actions have been filed against software company The Reynolds & Reynolds Company (NYSE:REY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 22, 2003, and June 24, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against Pegasus Communications Corporation (PGTV), certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2000 and June 2, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $65 million settlement in several actions filed against funeral and cemetery company Service Corporation International (SCI) (NYSE:SRV) on behalf of stockholders who purchased the company's common stock or call options, sold put options, held employee stock options in Equity Corporation (ECI) that became options to acquire SCI stock, or held employee stock options to purchase SCI common stock under a plan between July 17, 1998, and January 1999. Persons eligible to take part in the settlement should contact attorneys for the class for more information as soon as possible. |
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