COLCHESTER, Conn., Oct. 3, 2007 lawfuel – Class Actions Newswire — On August 14, 2007,
Scott+Scott, LLP filed the first securities class action against
Countrywide Financial Corp. (NYSE:CFC) (“Countrywide” or the “Company”)
and certain officers and directors in the U.S. District Court for the
Central District of California. Following the filing of this original
action, additional investors followed suit and filed related actions.
The related actions encompass Countrywide Financial securities
purchasers during the period between April 24, 2004, through August 9,
2007, inclusive (the “Class Period”), for violations of the Securities
Exchange Act of 1934.
If you purchased Countrywide Financial stock during the Class Period
and wish to serve as a lead plaintiff in the action, you must move the
Court no later than October 15, 2007 to serve as a lead plaintiff for
the Class. 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. If you wish to discuss
this action or have questions concerning this notice or your rights,
please contact Scott+Scott ([email protected], 800/404-7770,
860/537-5537) or visit the Scott+Scott website,
http://www.scott-scott.com, for more information. There is no cost or
fee to you.
It is alleged that, during the Class Period, defendants made false and
misleading statements, in concealment of the alarming growth of loan
delinquencies and the increasing likelihood of impairment charges, with
resulting adverse impacts on the quality of the Company’s
collateralized debt obligations (CDO’s), earnings and profits.
Following this, on July 24, 2007 and August 9, 2007, shocking facts
were revealed, including $417 million in impairment charges, the
implementation of a $292.9 million loan loss provision and adoption of
a new risk disclosure warning of short-term liquidity issues. On these
revelations, the price of Countrywide Financial stock suffered
substantial declines on heightened trading volumes.
Scott+Scott is a national law firm with significant experience in
prosecuting investor class actions. The firm dedicates itself to client
communication and satisfaction and currently is litigating major
securities, antitrust and employee retirement plan actions throughout
the United States. The firm represents pension funds, charities,
foundations, individuals and other entities worldwide.