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Case Status:    DISMISSED    
On or around 07/08/2008 (Court's order of dismissal)

Filing Date: May 11, 2005

On July 30, 2008, an order of dismissing the case with prejudice was entered and the case is therefore closed.

According to an article dated April 1, 2008, a federal court has dismissed a consolidated securities class action against Friedman, Billings, Ramsey Group Inc., ruling that the plaintiffs had failed to properly plead their claims of securities law violations stemming from the investment bank’s CompuDyne Corp. PIPE deal. Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York granted FBR’s motion to dismiss the plaintiffs’ consolidated amended complaint on Monday, but gave the plaintiffs 30 days to seek leave to replead their case.

On January 25, 2006, the Court entered the Memorandum and Opinion signed by Richard J. Holwell consolidating the actions, appointing Operating Engineers Trust as lead plaintiff, and designating Lerach Coughlin Stoia Geller Rudman & Robbins LLP lead counsel. On April 3, 2006, a Consolidated Amended Complaint was filed, and on June 2, 2006, the defendants filed a motion to dismiss the Consolidated Amended Complaint. The motion is currently pending before the Court.

Several purported shareholder class action lawsuits have been filed against FBR and certain of its present and former executive officers with violations of the Securities Exchange Act of 1934. FBR is an investment bank that provides investment banking, institutional brokerage and asset management services, and invests as principal in mortgage-backed securities and merchant banking investments.

The Complaint alleges that FBR violated federal securities laws by making materially false or misleading public statements. Specifically, the Complaint alleges that FBR did not properly disclose the adverse effect of an SEC and NASD investigation into FBR's 2001 role as a placement agent for an issuer in a PIPE (private investment in public equity) transaction. On November 9,2004, FBR filed its third quarter 2004 Form 10-Q in which it disclosed this SEC and NASD investigation. On this news, FBR's stock dropped to $16.93 per share. On April 4, 2005, Emanuel J. Friedman, FBR's CEO, resigned. Then, on April 25, 2005, FBR announced disappointing preliminary results for the first quarter 2005, including a charge for its liability in the PIPE transaction. On this news, FBR's stock dropped to $12.52 on volume of 7.5 million shares.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FBR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 05-CV-04617
JUDGE: Hon. Richard J. Holwell
DATE FILED: 05/11/2005
CLASS PERIOD START: 01/29/2003
CLASS PERIOD END: 04/25/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  2. Dyer & Shuman, LLP
    801 E. 17th Avenue, Dyer & Shuman, LLP , CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  3. Glancy Binkow & Goldberg LLP (NY)
    1501 Broadway, Suite 1416, Glancy Binkow & Goldberg LLP (NY), NY 10036
    917.510.000 646.366-089 · info@glancylaw.com
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  5. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  6. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  7. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  8. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  9. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  10. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  11. Seeger Weiss LLP (New York)
    One William Street, Seeger Weiss LLP (New York), NY 10004
    212.584.0700 · info@seegerweiss.com
  12. Strauss & Troy
    The Federal Reserve Building, 150 East Fourth Street, Strauss & Troy, OH 45202-4018
    513.621.2120 513.241.8250 · wlwoods@strauss-troy.com
  13. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  14. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 05-CV-04617
JUDGE: Hon. Richard J. Holwell
DATE FILED: 04/03/2006
CLASS PERIOD START: 01/29/2003
CLASS PERIOD END: 04/25/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
No Document Title Filing Date