NEW YORK–LAWFUEL – Law News Law Jobs Network –The law firm of Milberg Weiss & Bershad LLP announces the continuation of its investigation of New Century Financial Corporation (NYSE: NEW) (“New Century” or the “Company”) and certain of its officers and directors for allegedly issuing materially false and misleading statements and potentially violating federal securities laws, as well as certain other duties.
If you purchased or otherwise acquired New Century preferred stock Series A (Cusip 64352D200) and/or Series B (Cusip 6435EV207), common stock, call options, bonds, or sold put options, from April 7, 2006 through March 2, 2007, inclusive (the “Class Period”), you are encouraged to contact Milberg Weiss & Bershad LLP at 1-800-320-5081 or at [email protected] to learn about its investigation of New Century and to discuss your legal rights.
If you purchased the securities of New Century during the Class Period, you may, no later than April 10, 2007, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss & Bershad LLP, or other attorneys, to serve as your counsel in this action.
On March 2, 2007, after the close of regular trading, New Century revealed that it was under criminal investigation by the U.S. Attorney’s Office for the Central District of California. The criminal investigation focuses on how New Century accounted for losses when it was forced to buy back soured loans last year, and whether its executives profited by selling stock while misleading other shareholders. In reaction to this news, the price of the Company’s common stock fell more than 68.8% from its closing price of $14.65 on March 2, 2007 to close at $4.56 per share on March 5, 2007. The Company’s preferred Series A shares fell more than 55.3% from it closing price of $17.90 on March 2, 2007 to close at $8.00 per share on March 5, 2007. The Company’s preferred Series B shares fell more than 58.2% from its closing price of $19.15 on March 2, 2007 to close at $8.00 per share on March 5, 2007.
Milberg Weiss & Bershad LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg Weiss website (http://www.milbergweiss.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Lori G. Feldman
Anita B. Kartalopoulos
One Pennsylvania Plaza, 49th Fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email: [email protected]