| Company: | PMI Group, Inc. |
| Ticker Symbol: | NYSE: PMI |
| Class Period: | November 2, 2006 to March 3, 2008 |
| Date Filed: | March-12-08 |
| Lead Plaintiff Deadline: | May-11-08 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of PMI Group, Inc. ("PMI" or the "Company") (NYSE: PMI) during the period between November 2, 2006 through March 3, 2008 (the "Class Period").
PMI is a publicly owned investing holding firm, and through its subsidiaries, provides credit enhancement products designed to promote homeownership and facilitate mortgage transactions in the capital markets of several countries. The Complaint alleges that during the Class Period, PMI and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statements regarding PMI's business model and financial condition, which had the effect of artificially inflating the market price of the Company's common stock.
As a result of defendants' false statements and concealment, PMI stock traded at artificially inflated prices during the Class Period, reaching its Class Period high of $50.21 per share in February 2007. Then, on March 3, 2008, after the market closed, PMI announced its preliminary fourth quarter 2007 financial results and a delay in filing its Form 10-K for year-end 2007 because it was awaiting financial information from an equity investee, FGIC Corporation ("FGIC"), that was necessary for the Company to complete its financial statements. On this news, PMI's stock collapsed to $6.43 per share on March 4, 2008, a one-day decline of 5% and an 87% decline from its Class Period high in February 2007.
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.
PMI is a publicly owned investing holding firm, and through its subsidiaries, provides credit enhancement products designed to promote homeownership and facilitate mortgage transactions in the capital markets of several countries. The Complaint alleges that during the Class Period, PMI and certain of its officers and directors violated the federal securities laws by issuing materially false and misleading statements regarding PMI's business model and financial condition, which had the effect of artificially inflating the market price of the Company's common stock.
As a result of defendants' false statements and concealment, PMI stock traded at artificially inflated prices during the Class Period, reaching its Class Period high of $50.21 per share in February 2007. Then, on March 3, 2008, after the market closed, PMI announced its preliminary fourth quarter 2007 financial results and a delay in filing its Form 10-K for year-end 2007 because it was awaiting financial information from an equity investee, FGIC Corporation ("FGIC"), that was necessary for the Company to complete its financial statements. On this news, PMI's stock collapsed to $6.43 per share on March 4, 2008, a one-day decline of 5% and an 87% decline from its Class Period high in February 2007.
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.
