|Class Period:||Oct-23-06 to Nov-21-08|
|Lead Plaintiff Deadline:||Mar-6-09|
|Court:||District of California|
According to the complaint the plaintiff alleges that certain of PFF Bancorp, Inc.'s officers and directors violated the Securities Exchange Act of 1934 by issuing between October 23, 2006 and November 21, 2008 materially false and misleading statements regarding the company's business and financial results and engaged in improper behavior, which harmed PFF's customers and investors in its common stock, and the true facts were known by the defendants.
The plaintiff alleges that defendants failed to disclose the lending to borrowers with little ability to repay the amount loaned and failing to inform investors of the impact of changes in the real estate market in San Bernardino and Riverside counties. The stockholder concludes that as a result of defendants' false statements, PFF's stock traded at artificially inflated prices between October 23, 2006 and November 21, 2008, reaching a high of $35.45 per share in December 2006. On November 21, 2008, after the market closed, the Bank was closed by regulators and taken over by U.S. Bancorp. Following this announcement, PFF's stock declined to $0.01 per share or a total loss for investors, so the lawsuit.
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.