Does this look like Arlen?
Posted on 08/07/2007 8:19:53 PM PDT by TigerLikesRooster
Spector, Roseman & Kodroff, P.C. Announces Class Action Lawsuit Against American Home Mortgage Investment Corporation
Tuesday August 7, 10:13 am ET
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 - News) 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. ADVERTISEMENT
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.
Tuesday August 7, 3:07 pm ET
NEW YORK, NY--(MARKET WIRE)--Aug 7, 2007 -- The law firm of Shalov Stone Bonner & Rocco LLP has filed a securities fraud class action on behalf of all investors who purchased or otherwise acquired the securities of American Home Mortgage Investment Corp. (NYSE:AHM - News) (Other OTC:AHMIQ.PK - News) ("AHM" or the "Company"), in the period between July 26, 2006 and July 27, 2007, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Eastern District of New York and names as defendants Michael Strauss and Stephen A. Hozie, respectively the Company's CEO and CFO during the Class Period. ADVERTISEMENT
According to the complaint, the defendants violated the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, the defendants issued materially false and misleading statements that misrepresented and failed to disclose, among other things, that: rising levels of loan delinquencies were depressing the Company's earnings; margins and profits were decreasing due to falling prices caused by increasing difficulties with selling loans; and, due to the foregoing, the Company was overstating its financial results by failing to write down the value of many of the loans in its portfolio that had declined substantially in value.
Plaintiffs are represented by the law firm of Shalov Stone Bonner & Rocco LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com
For additional information about the lawsuit, please contact Thomas G. Ciarlone, Jr., at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: tciarlone@lawssb.com).
ping
Isn’t a lawsuit at this point a case of trying to squeeze blood out of a stone?
What is left to seize?
And while the lawyers will get millions, the shareholders in the suit will get what? 25 cents per share?
Gee...who didnt see this coming?
Maybe the suit is for the client mortgage list? They can be obtained cheaper in a forced sale/turnover than if AHM sold them for market price.
Is this Alan Spector’s law firm? Or am I mixing him up? Does he expect to profit, if so?
Sorry Arlen Spector.
Does this look like Arlen?
This is hardly news. Every company that has a big drop in stock price or goes bankrupt gets a whole slew of class action suits. The lawyers get almost everything, and the members of the class almost nothing.
25 cents/share? Try 3-5 cents, if anything at all in this case.
Nope
There are dead Jim!
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