Case Page

 

Case Status:    DISMISSED    
On or around 12/08/2010 (Date of order of final judgment)

Filing Date: May 12, 2008

On May 12, 2008, a class action lawsuit was against MGIC Investment Corporation. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price.

On July 28, 2009, the defendants filed a Motion to Dismiss or in the Alternative, Motion to Change Venue. On March 10, 2009, District Judge David M. Lawson denied the defendants’ motion to dismiss but allowed the transfer of the action to the Eastern District of Wisconsin.

On March 27, 2009, Judge Lynn Adelman of the Eastern District of Wisconsin granted the motion to consolidate several actions under case number 08-CV-0458. It was further ordered that Fulton County's motion to be appointed lead plaintiff is granted, and that Scott and Scott is designated plaintiffs' lead counsel and Previant, Goldberg, Uelman, Gratz, Miller & Bruggeman is designated plaintiffs' liaison counsel. On June 22, 2009, the lead plaintiffs filed a Consolidated Class Action Complaint. The defendants responded by filing motions to dismiss the Consolidated Class Action Complaint on August 14, 2009.

According to an article dated February 19, 2010, federal judge has thrown out a putative securities class action that accused mortgage insurer MGIC Investment Corp. and several executives of misleading the public about the company's health ahead of a mortgage meltdown-related stock crash that cost investors more than $500 million. Judge Lynn Adelman of the U.S. District Court for the Eastern District of Wisconsin signed off on a decision and order Thursday dismissing the consolidated litigation.

On March 28, 2010, the lead plaintiff filed a motion to amend/correct their complaint. The defendants filed briefs in opposition, and on December 8, 2010, Judge Lynn Adelman denied the plaintiff's motion to file an amended complaint. Judgment was entered the same day. On January 6, 2011, the plaintiff filed an appeal. The appeal is currently pending in the Seventh Circuit Court of Appeals.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Miscellaneous)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MTG
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: E.D. Wisconsin
DOCKET #: 08-CV-12080
JUDGE: Hon. David M Lawson
DATE FILED: 05/12/2008
CLASS PERIOD START: 02/06/2007
CLASS PERIOD END: 02/12/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. David M. Foster, P.C.
    30833 Northwestern Highway, Suite 209, David M. Foster, P.C., MI 48334
    248-855-0940 240-855-0987 ·
  2. Zwerling Schachter & Zwerling LLP
    845 Third Avenue, Zwerling Schachter & Zwerling LLP, NY 10022
    212-223-3900 212-371-5969 · inquiry@zsz.com
No Document Title Filing Date
COURT: E.D. Wisconsin
DOCKET #: 08-CV-00458
JUDGE: Hon. David M Lawson
DATE FILED: 06/22/2009
CLASS PERIOD START: 10/12/2006
CLASS PERIOD END: 02/12/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Scott & Scott LLP (New York-former)
    29th West 57th Street, 14th Floor, Scott & Scott LLP (New York-former), NY 10019
    212.223.6444 212.223.6334 · scottlaw@scott-scott.com
No Document Title Filing Date
No Document Title Filing Date
No Document Title Filing Date