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E*TRADE Financial Corporation Summary: According to a press release dated October 2, 2007, the complaint charges E*TRADE and certain of its officers and directors with violations of the Exchange Act. E*TRADE, through its subsidiaries, offers financial solutions to retail and institutional customers worldwide. In addition, the Company offers mortgage, home equity, and margin and credit card products; real estate loans; and various consumer loans, including recreational vehicle, marine, commercial, automobile, and credit card loans.
Specifically, according to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that the Company was experiencing a rise in delinquency rates in its mortgage and home equity portfolios; (b) that the Company failed to timely record an impairment on its mortgage and home equity portfolios; (c) that the Company’s securities portfolio, which includes assets backed by mortgages, was materially overvalued; and (d) that based on the foregoing, Defendants’ positive statements about the Company’s earnings and prospects were lacking in a reasonable basis at all times.
The complaint further alleges that on September 17, 2007, the Company announced that it will exit the wholesale mortgage and it is revising its guidance for 2007, among other things. Upon this news, shares of the Company’s stock fell $2.32 per share, or over 15%, over the next six trading days as the investing public digested the news.
On July 16, 2008 the judge appointed lead plaintiffs and approved their selection of lead counsel in the consolidated case. Plaintiffs have been given until the end of 2008 to file a Consolidated Complaint with other scheduling deadlines set to run through June 2009.
On January 16, 2009, a Consolidated Amended Class Action Complaint For Violations Of The Federal Securities Laws against the defendants was filed with the court.
INDUSTRY CLASSIFICATION:
SIC Code: 6035
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | E*TRADE Financial Corporation |
| COMPANY/ISSUER TICKER: | ETFC |
| COMPANY WEBSITE: | http://www.etrade.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Larry Freudenberg, et al. v. E*TRADE Financial Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 10/02/2007 | ||
| Order Appointing Lead Plaintiff And Approving Selection Of Lead Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 7/17/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 9/5/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| E*Trade Financial Corp. Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Amended Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 01/16/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 02/02/2010 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: William Boston, et al. v. E*TRADE Financial Corporation, et al. | |||
| Type: Complaint | Date on the document: 10/12/2007 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Wendy M. Davidson, et al. v. E*TRADE Financial Corporation, et al. | |||
| Type: Complaint | Date on the document: 11/16/2007 | ||
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