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Case ID: 5127 | Stocks | 07/21/2008
According to a law firm press release, an institutional investor has filed a class action lawsuit against First American Corporation on behalf of shareholders who purchased the common stock of the Company, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b), 78n(a) and 78t(a). Named as defendants are First American, the Company's Chief Executive Office and Chairman of the Board, as well as the Company's Vice Chairman and Chief Financial Officer.
The Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu"), whereby the defendants, through First American's real estate subsidiary, eAppraiseIT LLC, prepared artificially inflated appraisals of homes for use in connection with mortgages issued by WaMu. During the Class Period, in quarterly earnings reports, the Company's management reported increased earnings from appraisal fees and reassured investors that internal controls were adequate. The Complaint alleges that First American's fees from the improper appraisals resulted in the Company overstating its gross profit margins and net income during the Class Period and that throughout the Class Period the defendants made false and misleading statements regarding the Company's internal controls and financial performance.
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 lawsuit has been filed in the US District Court for the Western District of Pennsylvania against Ashland, Incorporated. The case involves antitrust litigation. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action has been filed against Sharper Image Corporation (NasdaqNM:SHRP), certain of its officers and directors by stockholders who purchased the company's common stock between February 05, 2004 and August 04, 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. A class action has been filed against Newmont Mining Corporation (NYSE:NEM), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2004 and April 26, 2005. 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. Several class actions have been filed against pet pharmaceutical company PetMed Express, Inc. (Nasdaq:PETS), and certain of its officers and directors by stockholders who purchased the company's common stock between June 18, 2003, and July 26, 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 TyCom, Ltd. (formerly NYSE: TCM), Tyco International, Ltd. (NYSE: TYC), and other parties by TyCom stockholders who purchased the company's common stock between July 26, 2000, and December 18, 2001. Financing your retirement can be a very frightening, and dangerous, thing if you don't know what you are doing. A class action has been filed against Salomon Smith Barney, Inc. and certain of its agents on behalf of a group of North Carolina BellSouth retirees who allege that the company gave them faulty financial planning advice in violation of state consumer protection laws. |
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