PHILADELPHIA, July 15, 2008 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. has commenced a class action lawsuit in the United States District Court, Central District of California, on behalf of purchasers of the common and preferred stock and preferred units of IndyMac Bancorp, Inc. (NYSE:IMB) between August 16, 2007 and May 12, 2008, inclusive (the "Class Period"), pursuant to the Securities Exchange Act of 1934.
The complaint charges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As alleged, Defendants knew but misrepresented the true extent of IndyMac's losses in its loan portfolio, including adjustable-rate mortgages and homebuilder construction loans, and IndyMac's inadequate capital position.
On May 12, 2008, IndyMac announced a net loss of $184.2 million, or ($2.27) per share for its first quarter. On this news, IndyMac's common stock price fell to $2.32 per share.
Recently, the Company's assets were seized by federal banking regulators. While the funds deposited are insured by the FDIC up to $100,000 per depositor, there is no such protection for shareholders. This lawsuit is one of the few remedies available to shareholders.
Plaintiff seeks to recover damages on behalf of all those who purchased the common and preferred stock and preferred units of IndyMac Bancorp(NYSE:IMB) between August 16, 2007 and May 12, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. If you wish to serve as lead plaintiff, you must move the Court no later than August 11, 2008. 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.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com
Website: http://www.bernardmgross.com