latest news releases from the newsroom
Community Shores Bank Corporation
Community Shores Reports 2008 First Quarter Earnings
MUSKEGON, Mich., May 2, 2008 (PRIME NEWSWIRE) -- Community Shores Bank Corporation (Nasdaq:CSHB), Muskegon's only locally-headquartered independent community banking organization, today reported first quarter 2008 net income of $32,000, or $0.02 per diluted share, compared with net income of $229,000, or $0.15 per diluted share for the first quarter of 2007. First quarter 2008 results reflect a return to profitability as a result of a lower provision for loan losses and higher noninterest income, compared to the fourth quarter of 2007.
Klayman & Toskes P.A.
Klayman & Toskes Files Securities Arbitration Claim Against Morgan Keegan and Regions Financial Corp. Seeking Damages of $650,000 -- RHY, RMH, RMA, RSF
BOCA RATON, Fla., May 2, 2008 (PRIME NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, P.A. (http://www.nasd-law.com) announced today that it filed another lawsuit against Morgan Keegan and Regions Financial Corp., with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution. The latest claim seeks damages of $650,000. The Statement of Claim alleges that the Claimants lost money in four closed-end funds: RMK Multi-Sector High Income Fund (NYSE:RHY), RMK High Income Fund (NYSE:RMH), RMK Advantage Income Fund (NYSE:RMA) and RMK Strategic Income Fund (NYSE:RSF), and one open-end fund, RMK Select High Income Class C ("RHICX"), as a direct result of Morgan Keegan's false and misleading statements about the Funds' risk tolerance and asset allocation, as well as the lack of diversification. Further, the claim alleges that Morgan Keegan misrepresented and omitted material information in the Funds' registration statements and prospectuses concerning the nature and extent of the Funds' investments in collateralized debt obligations ("CDOs"), and the funds' resulting exposure to the subprime mortgage market.