MINNEAPOLIS, Aug. 21, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Radian Group, Inc. ("Radian" or the "Company") (NYSE:RDN) publicly traded securities during the period January 23, 2007 through July 31, 2007 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 14, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Defendants issued materially false and misleading statements that misrepresented and failed to disclose: (1) that the Company's $468 million investment in C-BASS was materially impaired as C-BASS was experiencing increasing margin calls and C-BASS's investments were declining in value at a significant rate; (2) that the Company was materially overstating its financial results by failing to properly value its investment in C-BASS and by failing to write down that investment in a timely fashion; and (3) as a result of the foregoing, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP") and, therefore, were materially false and misleading.
On July 30, 2007, Radian surprised the market and announce that "it has concluded that the value of its investment in" C-BASS has been "materially impaired." In response to this announcement, the price of Radian common stock declined from $40.20 per share to $33.71 per share.
If you purchased Radian Group, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685