R&G Financial Corporation NYSE: RGF

A lawsuit seeking class action status has been filed in the United States District Court for the Southern of District of New York on behalf of all persons who purchased the publicly traded securities of R&G Financial Corporation (NYSE: RGF - News; "R&G," or the "Company") between April 21, 2003 and April 25, 2005 (the "Class Period").

The Complaint alleges that R&G violated federal securities laws by issuing false or misleading public statements. Specifically, the Complaint alleges that R&G used improper accounting assumptions to value its interest only ("IO") residuals used in securitization transactions. On March 25, 2005, R&G announced that it would restate its financial results for fiscal years 2003 and 2004. Then on April 26, 2005, R&G announced that it was subject to an informal SEC probe relating to its restatement announcement. On this news, shares of R&G fell from a close of $23.18 per share on April 25, 2005, to close at $15.10 on April 26, 2005.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.