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Case Status:    SETTLED
On or around 04/05/2013 (Other)

Filing Date: October 02, 2007

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.

On May 11, 2010, the Defendant’s motion to dismiss was denied by the Court for reasons that the Defendants were not able to establish that the risks which materialized in the action were unforeseeable as a matter of law.

On June 12, 2012, the Court issued an Order Granting Preliminary Approval of Settlement, Granting Conditional Class Certification, and Providing for Notice.

On October 20, 2012, a Final Judgment and Order of Dismissal was entered into the Court's docket.

On November 15, 2012, a Notice of Appeal was entered into the Court's docket. On January 11, 2013, this Appeal was withdrawn.

On April 5, 2013, the Court issued an Order denying an Objector's motion for an award of attorney's fees and reimbursement of expenses.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ETFC
Company Market: NASDAQ
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 #: 07-CV-08538
JUDGE: Hon. Robert W. Sweet
DATE FILED: 10/02/2007
CLASS PERIOD START: 12/14/2006
CLASS PERIOD END: 09/25/2007
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. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
  4. 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
  5. Kirby McInerney LLP (Former)
    830 Third Avenue 10th Floor, Kirby McInerney LLP (Former), NY 10022
    212.317.2300 ·
  6. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  7. 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
  8. Smith & Smith LLP
    3070 Bristol Pike, Suite 112, Smith & Smith LLP, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-08538
JUDGE: Hon. Robert W. Sweet
DATE FILED: 01/16/2009
CLASS PERIOD START: 04/19/2006
CLASS PERIOD END: 11/09/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brower Piven (Baltimore)
    The World Trade Center-Baltimore. 401 East Pratt Street, Suite 2525, Brower Piven (Baltimore), MD
    410.332.0030 410.685.1300 · info@browerpiven.com
  2. Brower Piven (New York)
    488 Madison Avenue. Eighth Floor, Brower Piven (New York), NY 10022
    212.501.9000 212.501.0300 · info@browerpiven.com
  3. Levi & Korsinsky, LLP (former)
    39 Broadway, Suite 1440, Levi & Korsinsky, LLP (former), NY 10006
    212.363.7500 212.363.7171 ·
No Document Title Filing Date
No Document Title Filing Date