PHILADELPHIA, Aug. 16, 2007 LAWFUEL – The Law Firm Newswire — Law Offices Bernard M. Gross, P.C. announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania, Civil Action No. 07-3375, on behalf of purchasers of the securities of Radian Group, Inc. (“RADIAN” or the “Company”) (NYSE:RDN) between January 23, 2007 and July 31, 2007, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). The case is pending before the Honorable Mary McLaughlin.
If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2007. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at [email protected] or [email protected] Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Radian, S. A. Ibrahim and C. Robert Quint with violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, by issuing a series of materially false and misleading statements to the market during the Class Period.
Defendants misrepresented and failed to disclose that: (I) Radian’s
$468 million investment in C-BASS was materially impaired as C-BASS was experiencing increasing margin calls and C-BASS’s investments were declining in value; (ii) Radian was materially overstating its financial results by failing to properly value its investment in C-BASS and by failing to write-down that investment in a timely manner; and
(iii) as a result of the foregoing Radian’s financial statements were not prepared in accordance with GAAP and, therefore, were materially false and misleading.
On July 30, 2007, Radian surprised the market and announced that “it has concluded that the value of its investment in” C-BASS has been “materially impaired.” In response to this announcement, the price of Radian common stock declined from $40.20 per share to $33.71 per share on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all those who purchased the securities of Radian between January 23, 2007 and July 31, 2007.
The plaintiff is represented by Law Offices Bernard M. Gross P.C., a Philadelphia law firm, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca