Lawyers Announces Class Action Lawsuit On Behalf of BankAtlantic Bancorp, Inc. Investors — BBX

NEW YORK, Nov. 16, 2007 LAWFUEL – The US Class Actions Newswire — Kirby McInerney LLP
announces that it has filed a class action lawsuit in the United States
District Court for the Southern District of Florida on behalf of all
persons who purchased or otherwise acquired the publicly traded
securities of BankAtlantic Bancorp, Inc. (“BankAtlantic” or the
“Company”) (NYSE:BBX) between November 9, 2005 and October 25, 2007,
inclusive, (the “Class Period”).

The Complaint alleges that BankAtlantic, and certain of its officers
and directors, violated the Securities Exchange Act of 1934. At the
start of the Class Period, BankAtlantic touted its “negative provision
for loan losses.” Nevertheless, BankAtlantic materially understated
reserves for real estate loan losses on its financial statements, and
thus materially overstated net income. BankAtlantic gave a $27.8
million real estate loan without obtaining an independent appraisal of
the real estate. The loan was granted to Michael Tringali, who worked
together with Neil Mohamed Husani. The two men inflated land values and
then flipped a series of properties in Florida to obtain higher real
estate loans from several banks, including BankAtlantic. Husani and
Tringali have been under FBI investigation for this scheme, which the
Company either knew at the time or recklessly ignored.

BankAtlantic knew or recklessly ignored that the collateral underlying
this $27.8 million loan — vacant land in Manatee County, Florida —
was worth no more than $17.1 million. BankAtlantic deflected questions
about the adequacy of its loan loss reserves for this property.
BankAtlantic said it commissioned an “appraisal” of the property, but
real estate experts questioned whether this appraisal had any basis. In
April 2007, BankAtlantic announced that it was having difficulty with
its Florida real estate portfolio but hid the true extent of the
inadequacy of its loan loss reserves. On October 25, 2007, the Company
announced that it had to increase its loan loss reserves substantially.
The news sent BankAtlantic’s shares down nearly 40%, from $7.45 to
$4.72 on heavy trading volumes.

If you are a member of the class, you may, no later than December 28,
2007, request that the Court appoint you as lead plaintiff of the
class. Although your ability to share in any recovery is not affected
by the decision whether or not to seek appointment as a lead plaintiff,
lead plaintiffs can participate in important decisions which could
affect the recovery for class members.

If you wish to discuss this action, or have any questions concerning
this notice or your rights, please contact us, toll free, at (888)
529-4787 or by email at [email protected]

Kirby McInerney LLP has specialized in complex litigation, including
securities class actions, for several decades. The firm has repeatedly
demonstrated its expertise in this field, and has been recognized by
various courts which have appointed the firm to major positions in
consolidated and multi-district litigation. The firm’s efforts on
behalf of shareholders in securities litigation have resulted in
recoveries totaling hundreds of millions of dollars, and the firm’s
achievements and quality of service have been chronicled in numerous
published decisions. More information about the firm, class actions in
general, or about the role of the lead plaintiffs in a securities class
action can be obtained through Kirby McInerney LLP’s website at

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