Published:
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against First American Corporation
Bronstein, Gewirtz & Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the Southern District of New York against First American
Corporation ("First American" or the "Company") (NYSE: FAF) and various
individuals on behalf of purchasers of First American securities who
purchased between April 26, 2006 and November 6, 2007 (the "Class Period").
The complaint alleges First American and certain of its officers and
directors engaged in an illegal scheme with Washington Mutual, Inc.
("WaMu") to artificially inflate appraisals of homes for use in connection
with mortgages issued by WaMu. As a result of the foregoing, and in
ignorance of the falsity of First American's statements concerning the
operating results along with the performance of the Company, the market
price of First American was artificially inflated during the Class Period.
As the market became aware of First American's wrongful acts, First
American stock price declined from a Class Period high of $55.11 per share
on June 1, 2007 to a low of $30.07 per share on November 7, 2007, a decline
of 45%, wiping out over $2 billion in market capitalization.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.
Copyright © 2009, MarketWire
Copyright © 2009, NewsBlaze,
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