First American Corporation NYSE: FAF

Company: First American Corporation
Ticker Symbol: NYSE: FAF
Class Period: Apr-26-06 to Nov-06-07
Date Filed: June-25-08
Lead Plaintiff Deadline: Aug-25-08
Court: Southern District, NY
A class action lawsuit has been filed against First American Corporation ("First American" or the "Company") (NYSE: FAF) in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased the common stock of the Company between April 26, 2006 and November 6, 2007, inclusive ("Class Period"), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b), 78n(a) and 78t(a). Named as defendants are First American, Parker S. Kennedy, the Company's Chief Executive Office and Chairman of the Board, and Fred F. McMahon, the Company's Vice Chairman and Chief Financial Officer. No class has yet been certified in this action. The case is captioned Berks County Employees' Retirement Fund v. First American Corporation, et al., and is docketed at S.D.N.Y. No. 08-CIV-5654. The deadline by which to file motions for appointment as lead plaintiff in the pending lawsuits is August 25, 2008.

The Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu"), whereby the defendants, through First American's real estate subsidiary, eAppraiseIT LLC, prepared artificially inflated appraisals of homes for use in connection with mortgages issued by WaMu. During the Class Period, in quarterly earnings reports, the Company's management reported increased earnings from appraisal fees and reassured investors that internal controls were adequate. The Complaint alleges that First American's fees from the improper appraisals resulted in the Company overstating its gross profit margins and net income during the Class Period and that throughout the Class Period the defendants made false and misleading statements regarding the Company's internal controls and financial performance.

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.

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

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