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IndyMac Bancorp Inc. Summary: On November 29, 2007, Judge George Wu granted the defendants’ motion to dismiss the securities class action lawsuit that had been filed against Indymac and three individual defendants. The dismissal is without prejudice, and the plaintiffs have until January 18, 2008 to file an amended complaint.
On September 7, 2007, the plaintiffs filed an Amended Complaint and the defendants responded by filing a motion to dismiss the Amended Complaint.
On June 19, 2007, the Court entered the minutes of the motion hearing held before Judge George H. Wu. At the hearing, the Court granted the motion of the Tripp Group to be appointed Lead Plaintiff and for approval of the Lead and Liaison Counsel. The Court further granted leave for further submission as to complexity of case as to whether or not there should be co-lead counsel.
The complaint was filed against IndyMac and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934. IndyMac Bancorp, Inc. operates as the holding company for IndyMac Bank, F.S.B., a thrift/mortgage bank, which provides mortgage products and services, including adjustable-rate mortgages, fixed-rate mortgages, construction-to-permanent loans, subprime mortgages, and reverse mortgages.
Specifically, the complaint alleges that during the Class Period, defendants issued materially false and misleading statements concerning the Company's business and financial results. As a result of defendants' failure to fully disclose problems with the Company's internal controls and loan loss provisions, IndyMac stock traded at artificially inflated prices during the Class Period, reaching a high of $50.11 per share in May 2006.
Throughout the Class Period, defendants issued public statements which touted the Company's business and financial performance, but which failed to fully disclose problems with the Company's internal controls and underwriting practices and that the Company maintained inadequate provisions for loan losses. These partial disclosures only hinted at the Company's problems, and had the effect of maintaining IndyMac's stock price at inflated levels during the Class Period. At the end of the Class Period, as the news of the Company's problems seeped into the market, IndyMac's share price dropped following each revelation.
The complaint further alleges that on March 1, 2007, IndyMac issued a press release in which a "Letter to Shareholders" acknowledged, among other thing, problems with the Company's underwriting practices and loan delinquencies.
That same day, March 1, 2007, as a result of this news, IndyMac's stock dropped from $34.33 to a close of $32.16 per share, on volume of more than 9.6 million shares, four times the average three-month volume.
INDUSTRY CLASSIFICATION:
SIC Code: 6035
Sector: Financial
Industry: S&Ls/Savings Banks
| COMPANY/ISSUER NAME: | IndyMac Bancorp Inc. |
| COMPANY/ISSUER TICKER: | IMB |
| COMPANY WEBSITE: | http://www.indymacbank.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Claude A. Reese, et al. v. IndyMac Bancorp Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Breach Of Fiduciary Duty And Class Action Complaint For Violations Of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 03/12/2007 | ||
| U.S. District Court Civil Docket | |||
| Type: Complaint | Date on the document: 08/28/2007 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Tripp, et al. v. IndyMac Bancorp Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Class Action Amended Complaint For Violations Of Sections 10(b) And 20(a) OF The Securities Exchange Act Of 1934 | |||
| Type: Complaint | Date on the document: 09/07/2007 | ||
| Civil Minutes | |||
| Type: Other | Date on the document: 10/29/2007 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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