BENSALEM, Pa., May 13, 2005 (PRIMEZONE) -- Smith & Smith LLP announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased securities of Doral Financial Corporation ("Doral" or the "Company") (NYSE:DRL) between October 10, 2002 and April 19, 2005, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's operations and prospects, thereby artificially inflating the price of Doral securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Doral securities between October 10, 2002 and April 19, 2005, you have certain rights, and have until June 20, 2005, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard Smith, Esquire, of Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866)759-2275, or by email to howardsmithlaw@hotmail.com.
More information on this and other class actions can be found on the Class Action Newsline, www.primezone.com/ca