LOS ANGELES, Dec. 7, 2007 LAWFUEL – US Lawsuit Newswire — Glancy Binkow & Goldberg LLP — representing shareholders of BankAtlantic Bancorp Inc. — announces 21 days remaining to move to be a lead plaintiff in the
shareholder lawsuit. All persons and institutions who purchased or
otherwise acquired the securities of BankAtlantic Bancorp, Inc.
(“BankAtlantic” or the “Company”) (NYSE:BBX) between November 9, 2005
and October 25, 2007, inclusive (the “Class Period”), may move the
Court not later than December 28, 2007, to serve as lead plaintiff;
however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions
concerning your rights or interests with respect to these matters,
please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg
LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California
90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or
e-mail to info@glancylaw.com, or visit our website at
www.glancylaw.com.
The Complaint charges BankAtlantic and certain of the Company’s
executive officers with violations of federal securities laws. Among
other things, plaintiff claims that defendants’ material omissions and
dissemination of materially false and misleading statements concerning
the Company’s financial performance caused BankAtlantic’s stock price
to become artificially inflated, inflicting damages on investors.
BankAtlantic operates as the holding company for a Florida-chartered
bank which offers consumer and commercial banking services in Florida,
including commercial demand deposit accounts, retail demand deposit
accounts, savings accounts, money market accounts, certificates of
deposit, and individual retirement accounts. The Complaint alleges that
throughout the Class Period defendants issued misleading, positive
statements about the Company’s land acquisition and development loan
portfolio. Defendants also made numerous claims in press releases and
public filings that the Company had significantly increased its
commercial real estate loan portfolio, but failed to disclose a $27.8
million non-performing loan.
On April 25, 2007, BankAtlantic issued a partial disclosure —
announcing that the Company would likely suffer an impairment to its
loan portfolio because of a non-performing asset. Then, on October 25,
2007, the Company announced the full extent of its loan losses and real
estate impairments, including non-performing loans which had increased,
from $21.8 million on June 30, 2007, to $165.4 million on September 30,
2007, primarily the result of eleven commercial real estate loans
totaling $148.7 million placed in non-accrual status. As a result of
this news, the Company’s stock price plummeted more than 40 percent.
Plaintiff seeks to recover damages on behalf of Class members and is
represented by Glancy Binkow & Goldberg LLP, a law firm with
significant experience in prosecuting shareholder lawsuits, and
substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the
Court, not later than December 28, 2007, to serve as lead plaintiff,
however, you must meet certain legal requirements. 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
Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue
of the Stars, Suite 311, Los Angeles, California 90067, by telephone at
(310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to
info@glancylaw.com.
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CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael Goldberg
(310) 201-9150
(888) 773-9224
info@glancylaw.com
www.glancylaw.com
