NEW YORK, May 30, 2008 (Lawfuel) — The Brualdi Law Firm P.C.
announced today that a class action lawsuit has been commenced in the
United States District Court for the Eastern District of Wisconsin on
behalf of purchasers of MGIC Investment Corporation (“MGIC”) (NYSE:MTG)
common stock during the period between October 12, 2006 and February
12, 2008 (the “Class Period”).
No class has yet been certified in the above action. If you purchased
MGIC Investment Corporation stock during the Class Period, you may be a
member of the proposed Class. You must move the Court on or before July
15, 2008 if you wish to serve as a lead plaintiff. In making your
decision, you should take into account that those with large financial
losses resulting from the alleged federal securities law violations are
given preference in being appointed lead plaintiff.
To be a member of the class you need not take any action at this time,
and you may retain counsel of your choice. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Tali Leger,
Director of Shareholder Relations at The Brualdi Law Firm P.C., 29
Broadway, Suite 2400, New York, New York 10006, by telephone toll free
at (877) 495-1877 or (212) 952-0602, by email to
[email protected] or visit our website at
The complaint alleges that, during the Class Period, the Company, and
certain of its officers and/or directors, violated federal securities
laws by withholding material facts from the investing public,
including: that the Company’s investment in Credit-Based Asset
Servicing and Securitization LLC (“C-BASS”) was materially impaired
from increasing margin calls and rapidly declining value; that the
Company was materially overstating its financial results by failing to
properly value its investment in C-BASS in violation of Generally
Accepted Accounting Principles; and that the Company’s loss and default
exposure was far greater than previously disclosed.
On February 13, 2008, MGIC announced its fourth quarter 2007 results
reporting a net loss for the quarter of $1.47 billion, including an
after-tax charge of $33 million related to equity losses incurred by
C-BASS. After this announcement, MGIC’s stock traded at the lowest
price it had traded in over thirteen years.