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CIT Group, Inc. Summary: According to a law firm press release, the complaint charges CIT and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CIT is a leading commercial and consumer finance company, providing clients with financing and leasing products and advisory services in North America, Europe, Latin America and Asia Pacific.
The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company's financial condition. Specifically, CIT's public financial statements failed to account for tens of millions of dollars in loans to Silver State Helicopter ("Silver State"), which were highly unlikely to be repaid and should have been written off.
On March 6, 2008, Keefe, Bruyette & Woods issued an analyst report on CIT lowering its first quarter 2008 earnings per share estimate by $.08 based on concerns that CIT would have to write down a significant portion of its private student loan portfolio, including the risk that the Company would have to charge off $179 million of private student loans made to students of Silver State, which recently filed for bankruptcy. As a result, CIT's stock price dropped $4.50 to close to $15.86 on March 6, 2008.
On May 26, 2009, the Court entered the Order signed by Judge Barbara S. Jones consolidating three related actions and approving Pensioenfonds Horeca & Catering (PH&C) as lead plaintiff and approving PH&C's selection of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. On July 16, 2009, the lead plaintiff filed a Consolidated Complaint adding certain officers as defendants and adding claims from The Securities Act of 1933.
INDUSTRY CLASSIFICATION:
SIC Code: 6172
Sector: Financial
Industry: Consumer Financial Services
| COMPANY/ISSUER NAME: | CIT Group, Inc. |
| COMPANY/ISSUER TICKER: | CIT |
| COMPANY WEBSITE: | http://www.CIT.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Plumbers, Pipefitters and Apprentices Local No. 112 Pension Fund, et al. v. CIT Group, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 7/25/2008 | ||
| Order | |||
| Type: Order of Consolidation | Date on the document: 05/26/2009 | ||
| Case Management Order | |||
| Type: Order of Consolidation | Date on the document: 07/07/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/07/2009 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In re CIT Group Inc. Securities Litigation | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Complaint for Violations of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 07/16/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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