|BankUnited Financial Corporation
|Apr-18-06 to Jun-18-08
|Lead Plaintiff Deadline:
|Southern District of Florida
The complaint charges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BankUnited is the holding company for BankUnited, FSB, which provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida.
The complaint alleges that during the Class Period, defendants made false and misleading statements about BankUnited. Specifically, defendants misrepresented: (a) the losses the Company was likely to suffer due to BankUnited's poor underwriting standards, which losses would occur once interest rates reset on the billions of dollars of pay-option arms (adjustable rate mortgages where borrowers had the ability to choose their payment amount during the initial period of the loan); (b) BankUnited's sketchy appraisal process, which permitted borrowers to obtain mortgages in excess of their ability to pay and in excess of the value of the underlying property; and (c) BankUnited's policies with regard to "piggy-back" loans, which are essentially second mortgages made at the time a home is purchased to fund a down payment. When the truth began to come to light, BankUnited's stock price plunged, damaging innocent investors.
Plaintiff seeks to recover damages on behalf of all purchasers of BankUnited common stock during the Class Period (the "Class"). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.
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.