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Case ID: 5184 | Stocks | 09/22/2008
According to a law firm press release, the complaint charges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BankUnited is the holding company for BankUnited, FSB, which provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida.
The complaint alleges that during the Class Period, defendants made false and misleading statements about BankUnited. Specifically, defendants misrepresented: (a) the losses the Company was likely to suffer due to BankUnited's poor underwriting standards, which losses would occur once interest rates reset on the billions of dollars of pay-option arms (adjustable rate mortgages where borrowers had the ability to choose their payment amount during the initial period of the loan); (b) BankUnited's sketchy appraisal process, which permitted borrowers to obtain mortgages in excess of their ability to pay and in excess of the value of the underlying property; and (c) BankUnited's policies with regard to "piggy-back" loans, which are essentially second mortgages made at the time a home is purchased to fund a down payment. When the truth began to come to light, BankUnited's stock price plunged, damaging innocent investors.
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 Several class actions have been filed against airport safety equipment designer Flight Safety Technologies, Inc., (Amex:FLT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2003, and July 16, 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 Maytag Corporation (NYSE:MYG), certain of its officers and directors by stockholders who purchased the company's common stock between March 07, 2005 and April 21, 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. A class action has been filed against certain of the officers and directors of electronics services provider DDi Corporation (OTCBB: DDICQ, formerly OTCBB: DDIC and Nasdaq: DDIC) by stockholders who purchased the company's common stock between December 19, 2000, and April 29, 2002. A class action has been filed in the Northern District Court of California against Embarcadero Technologies, Inc. (NASDAQ: EMBT), a California based global technologies company, and certain of its officers and directors by stockholders who purchased the company's common stock between April 20, 2004 and October 27, 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 chemical and pharmaceutical manufacturer Cambrex Corporation (NYSE: CBM) and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998, and July 25, 2003. A class action has been filed against flow control equipment manufacturer Flowserve Corporation (NYSE: FLS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2001, and September 27, 2002. |
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