Izard Nobel LLP Announces Class Action Lawsuit Against Raymond James Financial, Inc. (Marketwire)
Tue, 16 Jun 2009 17:55:00 Etc/GM
The Complaint charges that Raymond James and certain of its officers and directors violated federal securities laws. Specifically, it is alleged that defendants repeatedly touted Raymond James' supposedly conservative management practices and avoidance of risky assets associated with subprime residential mortgages. Defendants, however, failed to disclose that Raymond James understated the credit risks of its wholly owned subsidiary's commercial and residential loan portfolios, and failed to set aside adequate reserves for the losses that Raymond James knew, or recklessly disregarded, were forthcoming.
On April 14, 2009, Raymond James announced that results for the second fiscal quarter ended March 31, 2009, would be well below the consensus analysts' estimates and that both its commercial and residential portfolios would require higher loss reserves, with the loan loss provision tripling from the previous quarter. On this news, Raymond James stock fell $2.57 per share, or 13.48%, to close at $16.49 per share on April 15, 2009.
If you are a member of the class, you may, no later than August 10, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. 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 make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/raymondjames/, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.
Contact:
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
http://www.izardnobel.com
Email Contact
source: http://biz.yahoo.com/iw/090616/0511174.html