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Vianale & Vianale LLP Files Shareholder Class Action Lawsuit Against BankAtlantic Bancorp, Inc.

Vianale & Vianale LLP announces that it filed a class action lawsuit on October 29, 2007 on behalf of purchasers of the securities of BankAtlantic Bancorp, Inc. ("BankAtlantic" or the "Company") (NYSE: BBX) between November 9, 2005 and October 25, 2007 (the "Class Period"). A copy of the firm's Complaint can be obtained by calling our offices or viewed on Vianale & Vianale LLP's website at: . The action (Case No. 07-61542) was filed in the United States District Court for the Southern District of Florida.

The Complaint alleges that BankAtlantic, and certain of its officers and directors, violated the Securities Exchange Act of 1934. At the start of the Class Period, BankAtlantic touted its "negative provision for loan losses." Nevertheless, BankAtlantic materially understated reserves for real estate loan losses on its financial statements, and thus materially overstated net income. BankAtlantic gave a $27.8 million real estate loan without obtaining an independent appraisal of the real estate. The loan was granted to Michael Tringali, who worked together with Neil Mohamed Husani. The two men inflated land values and then flipped a series of properties in Florida to obtain higher real estate loans from several banks, including BankAtlantic. Husani and Tringali have been under FBI investigation for this scheme, which the Company either knew at the time or recklessly ignored.

BankAtlantic knew or recklessly ignored that the collateral underlying this $27.8 million loan -- vacant land in Manatee County, Florida -- was worth no more than $17.1 million. BankAtlantic deflected questions about the adequacy of its loan loss reserves for this property. BankAtlantic said it commissioned an "appraisal" of the property, but real estate experts questioned whether this appraisal had any basis. In April 2007, BankAtlantic announced that it was having difficulty with its Florida real estate portfolio but hid the true extent of the inadequacy of its loan loss reserves. On October 25, 2007, the Company announced that it had to increase its loan loss reserves substantially. The news sent BankAtlantic's shares down nearly 40%, from $7.45 to $4.72 on heavy trading volumes.

If you bought the securities of BankAtlantic between November 9, 2005 and October 25, 2007, no later than December 28, 2007, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not affected by the decision whether or not to serve as a lead plaintiff. Vianale & Vianale LLP is active in major litigations pending in federal and state courts. More about the firm is available on its website.

If you wish to discuss this case with us, or you have any questions concerning this notice, please contact: