COLCHESTER, Conn., May 27, 2005 (PRIMEZONE) -- Scott + Scott, LLC announces that its client filed the first shareholder class action lawsuit on behalf of all purchasers of Friedman, Billings, Ramsey Group, Inc. (NYSE:FBR) securities who purchased between January 29, 2003 and April 25, 2005 (the "Class Period"). During the Class Period the stock plunged from $28.70 per share to $12.63 per share.
According to an article published on The Street.com on Wednesday May 25, former FBR co-chief-executive officer Emanuel Friedman learned that he might face potential civil charges. The article further states that regulators from the Securities and Exchange Commission and the NASD served Friedman with a so-called Wells notice. A Wells notice is a preliminary determination by regulators that an investigation warrants the filing of civil charges.
Scott + Scott's complaint against FBR alleges that during the Class Period, Friedman along with other defendants misled investors when they concealed: misconduct by FBR's top officials in connection with the Company's role as a placement agent for an issuer in a 2001 private investment placement equity transaction ("PIPE"); related insider trading; and the material adverse impact in the ensuing investigation into the PIPE transaction had on FBR's earnings.
If you would like information about Scott + Scott's original complaint please contact the firm at 800/404-7770. You can also speak with attorney Neil Rothstein at nrothstein@scott-scott.com (800/332-2259 or via cell phone 619/251-0887) or attorney Amy K. Saba at asaba@scott-scott.com (800/332-2259). Scott + Scott has offices in Connecticut, Ohio and California. The firm (http://www.scott-scott.com) specializes in complex litigation including securities fraud and represents foundations, individuals, corporations and pension funds worldwide.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.