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Case Status:    DISMISSED    
On or around 11/06/2013 (Other)

Filing Date: April 19, 2011

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 ("1st Centennial" or the "Company") (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.

1st Centennial is a bank holding company incorporated and headquartered in California. 1st Centennial Bank (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.


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 the 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 Further, the Bank approved loans based on outdated appraisal information and borrower financial statements and issued loans to borrowers with suspect credit and inadequate collateral.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.

On October 7, 2013, Plaintiff filed a Notice appealing the Order granting the stipulation to dismiss this case.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FCEN
Company Market: OTC-BB
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 #: 11-CV-00615
JUDGE: Hon. John A Kronstadt
DATE FILED: 04/19/2011
CLASS PERIOD START: 04/13/2006
CLASS PERIOD END: 01/23/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Umeda LLP (Former San Diego Address)
    610 West Ash Street, Suite 1800, Robbins Umeda LLP (Former San Diego Address), CA 92101
    619.525.3990 619.525.3990 · info@robbinsumeda.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 11-CV-00615
JUDGE: Hon. John A Kronstadt
DATE FILED: 11/02/2012
CLASS PERIOD START: 03/09/2007
CLASS PERIOD END: 01/23/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  2. Robbins Umeda LLP
    600 B Street, Suite 1900, Robbins Umeda LLP, CA 92101
    (619) 525-3990 619.525.3991 ·
No Document Title Filing Date