Izard Nobel LLP Announces Class Action Lawsuit Against BankUnited Financial Corporation
18 Settembre 2008 - 12:21AM
Business Wire
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
Florida on behalf of those who purchased the common stock of
BankUnited Financial Corporation (�BankUnited� or the �Company�)
(Nasdaq: BKUNA) between�April 18, 2006 and June 18, 2008 (the
�Class Period�). The Complaint charges that BankUnited and certain
of its officers and directors violated federal securities laws by
issuing materially false statements. Specifically, the Complaint
alleges that defendants misrepresented the following: (i) the
losses the Company was likely to suffer due to BankUnited�s poor
underwriting standards, which 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); (ii) BankUnited�s
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 (iii) 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. If you are a
member of the class, you may, no later than November 17, 2008,
request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other
class members in directing the litigation. Although your ability to
share in any recovery is not affected by the decision whether or
not to seek appointment as a lead plaintiff, lead plaintiffs make
important decisions which could affect the overall recovery for
class members. While Izard Nobel LLP has not filed a lawsuit
against the defendants, to view a copy of the Complaint initiating
the class action or for more information about the case, class
action cases in general, and your rights, please contact Izard
Nobel LLP toll-free at (800) 797-5499, or by e-mail at
firm@izardnobel.com, or visit our website: www.izardnobel.com.
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