WASHINGTON, Sept. 5, 2002 (PRIMEZONE) -- The Law Office of Mark McNair announced a securities class action lawsuit has been filed against Capital One Financial Corp. (NYSE:COF). The complaint is on behalf of, and seeks damages for shareholders who purchased the stock between January 15, 2002 and July 16, 2002.
The complaint alleges that the Company issued numerous press releases regarding its performance which represented that it was experiencing quarter after quarter of record earnings and revenue growth while maintaining "stringent risk management practices" and adequate loan loss reserves. On July 16, 2002, Capital One revealed that it had entered into an agreement with regulators which required it: (1) to boost reserves by $247 million in the second quarter of 2002, and (2) institute infrastructure reforms in order to deal adequately with its high rate of growth, especially in the subprime market. In reaction to the announcement, Capital One's stock plummeted by 39%, falling from $50.60 per share on July 16 to $30.48 by the close of July 17 on extremely heavy volume.
To sign up online: http://www.justice4investors.com
To serve as lead plaintiff, you must meet certain legal requirements. The lead plaintiff is a person or institution who acts on behalf of other class members in directing the litigation. The Law Office of Mark McNair recognizes that investors with significant losses often are uncertain about the class action process and they are unclear whether they should take an active role in a case. The Law Office of Mark McNair would be happy to review this process with you. The deadline for filing a Lead Plaintiff Motion is September 17, 2002.
If you have any questions, please contact Mark McNair at 1101 30th Street PN.W. Suite 500, Washington, D.C, 20007 by telephone at (877) 511.4717 or (202) 872.4717, via e-mail at wmmcnair@justice4investors.com or visit our website www.justice4investors.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca