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CIT Group CIT Securities Stock Fraud

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Company: CIT Group
Ticker Symbol: CIT
Class Period: Apr-18-07 to Mar-5-08
Date Filed: Jul-28-08
Lead Plaintiff Deadline: Sep-26-08
Court: District Court for the Southern District of New York
Allegations:
The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company's financial condition. Specifically, CIT's public financial statements failed to account for tens of millions of dollars in loans to Silver State Helicopter (``Silver State''), which were highly unlikely to be repaid and should have been written off. On March 6, 2008, Keefe, Bruyette & Woods issued an analyst report on CIT lowering its first quarter 2008 earnings per share estimate by $.08 based on concerns that CIT would have to write down a significant portion of its private student loan portfolio, including the risk that the Company would have to charge off $179 million of private student loans made to students of Silver State, which recently filed for bankruptcy.



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.

CIT Group CIT Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible CIT Group securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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