Entries Tagged 'American Home Mortgage - Lawsuits' ↓
August 8th, 2007 — American Home Mortgage - Lawsuits, American Home Mortgage - Press Releases
PHILADELPHIA–(BUSINESS WIRE)–The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Eastern District of New York, on behalf of purchasers of the publicly traded securities of American Home Mortgage Investment Corporation (”American Home Mortgage” or the “Company”) (NYSE:AHM) between July 26, 2006 through July 27, 2007, inclusive (the “Class Period”). Also included are those who purchased shares in the Secondary Offering on April 30, 2007.
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that Defendants failed to disclose the following: (i) that the Company was experiencing an increasing level of loan delinquencies which was depressing its earnings; (ii) that the Company was experiencing increasing difficulties in selling its loans and, therefore, was required to decrease prices, thereby reducing margins and profits; and (iii) as a result of the foregoing, the Company was overstating its financial results by failing to write-down the value of certain of the loans in its portfolio as these loans had declined substantially in value.
On June 28, 2007, American Home Mortgage issued a press release announcing that it will take “substantial charges for credit-related expenses in the second quarter.” The Company reported that the increase in losses was related to its practice of extending a three month timely payment warranty that the Company granted to loan buyers who purchased stated income loans. In response to this announcement, the price of American Home Mortgage stock declined from $20.91 per share to $18.38 per share. Then, on July 27, 2007, the Company announced that would delay paying its dividend. On July 30, 2007, the NYSE halted trading in American Home Mortgage stock before the market opened.
If you purchased American Home Mortgage securities during the Class Period, you may, no later than October 1, 2007, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the “largest financial interest†in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the “largest financial interest,†and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in American Home Mortgage securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pa., concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.
Contacts
Spector, Roseman & Kodroff, P.C.
Robert M. Roseman, 888-844-5862
American Home Mortgage Lawsuits American Home Mortgage Press Releases
August 7th, 2007 — American Home Mortgage - Lawsuits, American Home Mortgage - Press Releases
Attorney Advertising. The law firm of Milberg Weiss LLP announces its investigation of American Home Mortgage Investment Corp. (NYSE: AHM) (”American Home Mortgage ” or the “Company”), certain of American Home Mortgage’s officers and directors, as well as Citigroup Global Markets Inc., the underwriter of the company’s May 4, 2007 common stock offering, for allegedly issuing materially false and misleading statements and potentially violating federal securities laws, as well as certain other duties.
American Home Mortgage is a real estate investment trust (REIT) which has engaged in the investment and origination of residential mortgage loans in the United States. The Company primarily originated and sold securitized adjustable-rate mortgage loans, as well as engaged in the sale of mortgage loans to institutional investors and the servicing of mortgage loans owned by others.
Continue reading → American Home Mortgage Lawsuits American Home Mortgage Press Releases
August 6th, 2007 — American Home Mortgage - Lawsuits
PHILADELPHIA, Aug. 1, 2007 (PRIME NEWSWIRE) — Law Offices Bernard M. Gross, P.C. today announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of the securities of RAIT Financial Trust (”RAIT” or the “Company”) (NYSE:RAS) between January 10, 2007 and July 31, 2007, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). RAIT had an offering of 10 million shares of its common stock on January 10, 2007.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2007. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. If you are a member of this class, please contact the Law Offices Bernard M. Gross to view a copy of the complaint as filed or to join this action. 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.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
NEW YORK, Aug. 2, 2007 (PRIME NEWSWIRE) — The law firm of Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for Eastern District of New York on behalf of purchasers of American Home Mortgage Investment Corporation (”AHM” or “Company”) (NYSE:AHM) common stock in the open market between July 26, 2006 and July 27, 2007, inclusive (the “Class Period”). The complaint seeks remedies for the class under the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint charges that defendants AHM, Michael Strauss and Stephen A. Hozie, violated Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period. AHM is a real estate investment trust (REIT), which engages in the investment and origination of residential mortgage loans in the United States. The Company primarily originates and sells securitized adjustable-rate mortgage loans, as well as engages in the sale of mortgage loans to institutional investors and servicing mortgage loans owned by others.
According to the complaint, during the Class Period, defendants disseminated or approved the materially false and misleading statements which they knew or deliberately disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
On June 28, 2007, American Home Mortgage issued a press release announcing that it will take “substantial charges for credit-related expenses in the second quarter.” The Company reported that the increase in losses was related to its practice of extending a three month timely payment warranty that the Company granted to loan buyers who purchased stated income loans. In response to this announcement, the price of American Home Mortgage stock declined from $20.91 per share to $18.38 per share on extremely heavy trading volume. Then, on July 27, 2007, after the close of the market, American Home Mortgage issued a press release announcing that its Board of Directors had determined to delay paying its dividend. In response to this announcement, on July 30, 2007, the NYSE halted trading in American Home Mortgage stock before the market opened. After the stock reopened for trading, it traded down even further, closing at less than $1.50 per share on July 31 and August 1, 2007.
Seeger Weiss is a New York based law firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients and class members.
If you are a member of the class described above, you may, no later than 60 days from July 31, move before the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Seeger Weiss LLP, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact us:
Christopher A. Seeger, Esq.
Eric T. Chaffin, Esq.
Seeger Weiss LLP
One William Street
New York, New York 10004
E-Mail: cseeger@seegerweiss.com
echaffin@seegerweiss.com
Tel.: (212) 584-0700
Toll Free: (877) 541-3273
www.seegerweiss.com
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca
CONTACT: Seeger Weiss LLP
(877) 541-3273
American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
NEW YORK, Aug. 2, 2007 (PRIME NEWSWIRE) — Kirby McInerney & Squire, LLP announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of American Home Mortgage Investment Corp. (”American Home Mortgage” or the “Company”) (Nasdaq:AHM) between April 26, 2006 and July 30, 2007, inclusive, (the “Class Period”).
The lawsuit alleges that American Home Mortgage and certain of its officers and directors violated Federal Securities laws. According to the complaint, throughout the Class Period defendants failed to disclose, among other things, that the Company was operating without adequate reserves for delinquent loan repurchases or an adequate strategic plan in relation to the volatility of certain of American Home Mortgage’s loan products. As a result of defendants’ failure to fully disclose that the Company was operating without adequate reserves in relation to the Company’s prior sales of certain of American Home Mortgage’s loan products or an adequate strategic plan for the repurchase of delinquent previously sold loans, defendants materially misrepresented to investors the true facts concerning American Home Mortgage’s financial performance and prospects.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
HARTFORD, Conn., Aug. 3, 2007 (PRIME NEWSWIRE) — The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Florida on behalf of all persons who purchased the publicly traded securities of Health Management Associates, Inc. (”Health Management”) (NYSE:HMA) between January 17, 2007 and July 30, 2007, inclusive (the “Class Period”).
The Complaint charges that Health Management Associates and certain of its officers and directors violated federal securities laws. Specifically, defendants engaged in a scheme to create the impression that the Company had its “bad debt expenses” under control in order to borrow additional money, and to get the Board to approve of their recapitalization plan. On January 17, 2007, Health Management announced a major recapitalization which was completed in March 2007 and which required the company to borrow $3.25 billion of new debt to refinance existing debt and pay shareholders a special one-time cash dividend of $10.00. The Individual Defendants benefited substantially from this one time dividend, given that they were major shareholders and each defendant received large sums of money.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
ENGLEWOOD CLIFFS, N.J., Aug. 3, 2007 (PRIME NEWSWIRE) — Gardy & Notis, LLP announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of American Home Mortgage Investment Corp. (NYSE:AHM) between July 26, 2006 and July 27, 2007.
The lawsuit alleges that American Home Mortgage and its Chief Executive Officer and Chief Financial Officer violated the federal securities and defrauded investors by failing to disclose AHM’s inadequate reserves for delinquent loan repurchases. By failing to properly disclose that AHM was operating without adequate reserves in relation to its portfolio of loan products, as well as AHM’s failed plan to repurchase delinquent loans, AHM materially misrepresented to investors the true facts concerning its financial performance and prospects. AHM has since announced that it will lay off most of its employees and shut down almost all of its operations.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
COLCHESTER, Conn., Aug. 3, 2007 (PRIME NEWSWIRE) — On August 2, 2007, Scott+Scott, LLP filed a class action against American Home Mortgage Investment Corp. (”American Home Mortgage” or the “Company”) (NYSE:AHM) and certain officers and directors in the U.S. District Court for the Eastern District of New York. The action is on behalf of American Home Mortgage common stock purchasers during the period July 26, 2006, through July 27, 2007, inclusive (the “Class Period”), for violations of the Securities Exchange Act of 1934. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company’s business and operations and that, as a result, the price of the Company’s securities was inflated during the Class Period, thereby harming investors.
If you purchased American Home Mortgage stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today’s date. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its 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 (scottlaw@scott-scott.com, 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.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
OKLAHOMA CITY, Aug. 2 /PRNewswire/ — On July 31, 2007, a class action lawsuit was filed in the United States District Court for the Eastern District of New York against American Home Mortgage Investment Corp. (NYSE:AHM). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from July 26, 2006 through July 27, 2007.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, October 1, 2007, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
Continue reading → American Home Mortgage Lawsuits
August 6th, 2007 — American Home Mortgage - Lawsuits
PARIS, Aug. 3 /PRNewswire-FirstCall/ — ILOG(R) (Nasdaq: ILOG;Euronext: ILO, ISIN: FR0004042364) today announced that included in itspreliminary financial information for the fourth quarter of fiscal year 2007 and in its preliminary fiscal year end financial information, published on July 26, 2007, is a license agreement with American Home Mortgage valued at $614,000. Based on recent adverse news reported by American Home Mortgage about its liquidity situation, ILOG believes that this receivable may be at risk. Accordingly, net income and earnings per share contained in the Company’s final fourth quarter results and in its final audited financial statements for the fiscal year 2007 may be affected, depending on future developments at American Home Mortgage. ILOG does not believe that it has any other material receivables at risk.
“While unfortunate, we believe that this event will have very limited impact on ILOG given our $55M cash position. We are convinced that Business Rules Management Systems are essential to process improvement in the
financial services sector, which continues to be a significant market for us,” said Pierre Haren, ILOG chairman and CEO. “Of the more than $160M of ILOG revenues in FY07, about 22% came from the banking sector and only 2%
of our revenues were related to the sub-prime and Alt-A mortgage business. This event does not modify our outlook or strategy for the coming year.”
Continue reading → American Home Mortgage Lawsuits
