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Case Status:    SETTLED
On or around 07/21/2014 (Date of order of final judgment)

Filing Date: May 05, 2010

According to a press release dated May 07, 2010, the Complaint charges certain of the former officers and executives of FRB with violations of the Exchange Act. FRB is a holding company that formerly owned First Regional Bank (the "Bank"), which it described as a business-oriented wholesale banking operation, with services tailored to the needs of businesses and professionals in Southern California.

The Complaint alleges that, throughout the Class Period, defendants made material misrepresentations and failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the Complaint alleges that defendants caused the Company to disseminate financial statements that were not fairly presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading, and failed to make complete and timely disclosures concerning certain actions taken by regulators. On Friday, January 29, 2010, the California Commissioner of Financial Institutions closed the Bank, and appointed the Federal Deposit Insurance Corporation as its receiver, and its assets and liabilities were assumed by another institution.

On August 16, 2010, an Order to Dismiss Defendants F. David Hare and Dorothea Montoya, was granted and Dismissed Without Prejudice.

On August 16, 2010, an Order Granting Motion for Appointment of Lead Plaintiffs and Approval of Selection of Lead Counsel was issued by the Court.

On October 28, 2010, an Amended Complaint was filed by the lead plaintiff against the defendants.

On February 10, 2012, a Second Amended Complaint was filed under seal on the Court's docket.

On June 7, 2012, the Court issued an Order granting certain defendant's motion to dismiss. Plaintiffs were given leave to amend their complaint. On September 25, 2012, the Plaintiffs filed a redacted version of their Third Amended Complaint.

On December 10, 2012, the Court issued an Order denying the Individual Defendants' motion to dismiss the Third Amended Complaint. On the same date, the Court issued an Order granting Deloitte & Touche LLP's motion to dismiss with prejudice.

On September 12, 2013, the Court granted Plaintiffs' motion for class certification.

On April 7, 2014, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 15th. On July 21, the Court issued an Order awarding attorneys' fees and expenses. This was followed by an Order and Final Judgment granting final approval of the Settlement and dismissing this case.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FRGB
Company Market: Pink Sheets
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: C.D. California
DOCKET #: 10-CV-00537
JUDGE: Hon. Cormac J. Carney
DATE FILED: 05/05/2010
CLASS PERIOD START: 01/01/2007
CLASS PERIOD END: 01/29/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cuneo Gilbert & LaDuca, LLP
    1901 Avenue of the Stars 2nd Floor , Cuneo Gilbert & LaDuca, LLP, CA 90067
    310-461-1620 ·
  2. Cuneo Gilbert & LaDuca, LLP (DC)
    507 C Street NE , Cuneo Gilbert & LaDuca, LLP (DC), DC 20002
    202.789.3960 202-789-1813 ·
  3. Greenfield & Goodman LLC
    24579 Deep Neck Road, Greenfield & Goodman LLC, MD 21662
    410.745.4149 419.745.4158 · whitehatrdg@earthlink.net
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 10-CV-00537
JUDGE: Hon. Cormac J. Carney
DATE FILED: 10/28/2010
CLASS PERIOD START: 01/01/2007
CLASS PERIOD END: 01/29/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cuneo Gilbert & LaDuca, LLP
    1901 Avenue of the Stars 2nd Floor , Cuneo Gilbert & LaDuca, LLP, CA 90067
    310-461-1620 ·
  2. Greenfield & Goodman, LLC
    250 Hudson Street-8 Floor, Greenfield & Goodman, LLC, NY 10013
    (917) 495-4446 ·
No Document Title Filing Date