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Nomura Asset Acceptance Corporation NMR Securities Stock Fraud

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Company: Nomura Asset Acceptance Corporation
Ticker Symbol: NMR
Class Period: Jul-29-05 to Dec-1-06
Date Filed: Sep-25-08
Lead Plaintiff Deadline: Nov-24-08
Court: District of Massachusetts
Allegations:
A class action suit has been commenced on behalf of an institutional investor in the United States District Court for the District of Massachusetts on behalf of purchasers of Nomura Asset Acceptance Corporation ("Nomura Asset") Mortgage Pass-Through Certificates pursuant and/or traceable to false and misleading Registration Statements dated July 29, 2005 and April 24, 2006, and Prospectus Supplements issued in connection with the Certificates between September 27, 2005 and December 1, 2006 (collectively, the "Registration Statements").

The class includes purchasers of Certificates in the following trusts: -0- Alternative Loan Trust 2006-AF1 Alternative Loan Trust 2006-AF2 Alternative Loan Trust 2006-AP1 Alternative Loan Trust 2006-AR1 Alternative Loan Trust 2006-AR2 Alternative Loan Trust 2006-AR3 Alternative Loan Trust 2006-AR4 Alternative Loan Trust 2006-WF1.

The complaint charges Nomura Asset, certain of its officers and directors and the issuers and underwriters of the Certificates with violations of the Securities Act of 1933. Nomura Asset was formed in 1992 for the purpose of acquiring, owning and transferring mortgage loan assets and selling interests in them.

The complaint alleges that on July 29, 2005 and April 24, 2006, Nomura Asset and the issuers caused Registration Statements to be filed with the Securities and Exchange Commission ("SEC") in connection with, and for the purpose of, issuing Mortgage Pass-Through Certificates. The Certificates were issued pursuant to Prospectus Supplements, each of which was incorporated into the Registration Statements.

As detailed in the complaint, the Registration Statements included false statements and/or omissions about the origination practices and appraisal practices which generated the underlying mortgage loans. As a result, the Certificates sold to plaintiff and the Class were secured by assets that had a greater risk profile than what was represented in the Registration Statements.

By the fall of 2007, the truth about the performance of the mortgage loans that secured the Certificates began to be revealed to the public and the rating agencies began to put negative watch labels on Certificate tranches or classes, ultimately downgrading many. As a result, the Certificates are no longer marketable at prices anywhere near the price paid by plaintiff and the Class and the holders of the Certificates are exposed to much more risk with respect to both the timing and absolute cash flow to be received than the Registration Statements/Prospectus Supplements represented.

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.

Nomura Asset Acceptance Corporation NMR 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 Nomura Asset Acceptance Corporation securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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