Case Page

 

Case Status:    SETTLED
On or around 12/14/2010 (Date of order of final judgment)

Filing Date: September 17, 2007

The original class action complaint was filed against Opteum, Inc. for violations of Securities Act of 1933 and the Securities Exchange Act of 1934. Specifically, the complaint charges that Opteum, Inc., numerous individual officer and directors, Flagstone Securities, LLC and BB&T Capital Markets violated sections 11 & 15 of the 1933 Act and sections 10b & 20 of the 1934 Act in connection with the defendants' IPO, secondary offering and thereafter during the Class Period. Defendants allegedly published a materially false and misleading Registration Statement and Proxy-Prospectus in connection with each of the Offerings, and during the Class Period Defendants published a series of materially false and misleading statements that the individual Defendants knew and/or recklessly disregarded were materially false and misleading when published.

Opteum, Inc. operates as a real estate investment trust (REIT). It invests primarily in residential mortgage-related securities (MBS) issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association.

On September 29, 2008, Judge Donald L. Graham granted the motion to consolidate the two related class actions, and also granted the motion for appointment of lead plaintiff and lead counsel. According to the Order, the Kornfield Group is appointed lead plaintiff and Kahn Gauthier Swick LLC and Brower Piven P.C. is appointed lead counsel. On October 29, 2008, the lead plaintiff filed a Consolidated Amended Class Action Complaint. On December 15 and 22, 2008, the defendants filed motions to dismiss the Amended Class Action Complaint. On September 30, 2009, Judge Donald L. Graham granted in part and denied in part the motions to dismiss.

On August 4, 2010, the lead plaintiff filed a motion for preliminary approval of settlement. The proposed settlement is in the amount of $2,350,000 in cash. The settlement was preliminarily approved on September 14, 2010. The final settlement hearing is set for December 9, 2010. On December 14, 2010, Judge Donald L. Graham signed the Order approving the settlement and approving attorneys' fees and expenses. The action is now dismissed with prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Real Estate Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OPX
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. Florida
DOCKET #: 07-CV-14278
JUDGE: Hon. Donald L. Graham
DATE FILED: 09/17/2007
CLASS PERIOD START: 11/03/2005
CLASS PERIOD END: 05/10/2007
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. Kahn Gauthier Swick, LLC (NY)
    12 East 41st Street, 12th Floor, Kahn Gauthier Swick, LLC (NY), NY 10016
    212.920.4310 212.696.3730 · info@kglg.com
  3. Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
    280 King of Prussia Road, Schiffrin Barroway Topaz & Kessler, LLP (Radnor), PA 19087
    610.667.7706 610.667.7056 · info@sbtklaw.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 07-CV-14278
JUDGE: Hon. Donald L. Graham
DATE FILED: 10/29/2008
CLASS PERIOD START: 09/17/2004
CLASS PERIOD END: 07/24/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  2. Kahn Gauthier Swick, LLC (New Orleans)
    650 Poydras St. Suite 2150, Kahn Gauthier Swick, LLC (New Orleans), LA 70130
    504.455.1400 · lewis.kahn@kglg.com
  3. Kahn Gauthier Swick, LLC (NY)
    12 East 41st Street, 12th Floor, Kahn Gauthier Swick, LLC (NY), NY 10016
    212.920.4310 212.696.3730 · info@kglg.com
No Document Title Filing Date
No Document Title Filing Date