1st Centennial Bancorp ("1st Centennial" or the "Company") is a bank holding company incorporated and headquartered in California. Its subsidiary (the "Bank") is a state-chartered nonmember bank that was wholly owned by 1st Centennial. The Bank operated six branches and three loan production offices in California which provided commercial and consumer banking services.

According to a press release dated April 20, 2011, a class action lawsuit was filed on behalf of all persons or entities who purchased the common stock 1st Centennial Bancorp (OTC:FCEN.ob - News) during the Class Period against certain of 1st Centennial's former officers and directors for violations of the Securities Exchange Act of 1934.

Specifically, the Complaint alleges that certain of 1st Centennial's former officers and directors made materially false and misleading statements during the Class Period in press releases and filings with the U.S. Securities and Exchange Commission regarding 1st Centennial's financial health and business prospects. In particular, they made material false and misleading statements and omissions concerning: (i) the Bank's exposure to risky commercial real estate and the acquisition, development, and construction loan market; and (ii) the Bank's loan underwriting and credit administration practices including its compliance with prudent banking standards and lending policy. Further, the Bank approved loans based on outdated appraisal information and borrower financial statements and issued loans to borrowers with suspect credit and inadequate collateral.

On June 8, 2011, the District Court released an order transferring from Virginia A. Phillips and Magistrate Judge Oswald Parada to Judge John A Kronstadt and Magistrate Judge Paul L. Abrams for all further proceedings. The case number will now reflect the initials of the transferee Judge ED CV 11-615 JAK (PLAx).

On July 25, 2011, the Court issued an order appointing lead Plaintiff and approving of lead Counsel.

The lead Plaintiff filed an amended Complaint on August 25, 2011, for violations of Federal Securities Laws.

On February 13, 2012, the Court issued an order granting Defendants' motion to dismiss. Plaintiffs were given leave to amend. On March 12, 2012, the Plaintiffs filed their amended Complaint.

On October 5, 2012, the Court issued an order granting in part and denying in part Defendants' motion to dismiss. Plaintiffs were given leave to amend. On October 22, 2012, the Plaintiffs filed their amended Complaint. On November 2, 2012, the Plaintiffs filed a corrected version of their Complaint.

On June 25, 2013, the Court issued an order granting in part the Defendants' motion to dismiss.

On August 16, 2013, the parties filed a Stipulation agreeing to dismiss the third amended Complaint with prejudice. This Stipulation was granted by the Court on September 5th.