PHILADELPHIA, July 15, 2008 (LAWFUEL) — Law Offices Bernard M.
Gross, P.C. has commenced a class action lawsuit in the United States
District Court, Central District of California, on behalf of purchasers
of the common and preferred stock and preferred units of INDYMAC
BANCORP, INC. (NYSE:IMB) between August 16, 2007 and May 12, 2008,
inclusive (the “Class Period”), pursuant to the Securities Exchange Act
of 1934.
The complaint charges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s
business and financial results. As alleged, Defendants knew but
misrepresented the true extent of IndyMac’s losses in its loan
portfolio, including adjustable-rate mortgages and homebuilder
construction loans, and IndyMac’s inadequate capital position.
On May 12, 2008, IndyMac announced a net loss of $184.2 million, or
($2.27) per share for its first quarter. On this news, IndyMac’s common
stock price fell to $2.32 per share.
Recently, the Company’s assets were seized by federal banking
regulators. While the funds deposited are insured by the FDIC up to
$100,000 per depositor, there is no such protection for shareholders.
This lawsuit is one of the few remedies available to shareholders.
Plaintiff seeks to recover damages on behalf of all those who purchased
the common and preferred stock and preferred units of INDYMAC BANCORP
(NYSE:IMB) between August 16, 2007 and May 12, 2008. The plaintiff is
represented by Law Offices Bernard M. Gross P.C. The firm has expertise
in prosecuting investor class actions and extensive experience in
actions involving financial fraud. If you wish to serve as lead
plaintiff, you must move the Court no later than August 11, 2008. 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.
