NEW YORK, June 14, 2005 (PRIMEZONE) -- Schoengold Sporn Laitman & Lometti, P.C. ("SSL&L") has filed an amended class action complaint (the "Amended Complaint") against Bombardier Inc., Bombardier Capital, Inc., Bombardier Capital Mortgage Securitization Corporation and certain current and former officers and directors to include purchasers of Bombardier Capital Mortgage Securitization Pass-Through Certificates (the "Certificates") Series 1998-A, 1998-B, 1998-C, 1999-A, 1999-B and 2001-A during the period February 7, 2000 through February 7, 2005 (the "Class Period").
The Amended Compliant asserts claims under Sections 10 and 20 of the Securities Exchange Act of 1934. The case is currently pending in the Southern District of New York before Judge Shira A. Scheindlin. If you purchased the Certificates during the Class Period and wish to participate in the litigation or obtain more information, you may contact the attorneys handling the case by visiting SSL&L's Web site at www.spornlaw.com or contacting SSL&L toll free at (866) 348-7700 or via e-mail (all e-mails should include your name, address, phone number and the number of Certificates you purchased within the Class Period) at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status, on behalf of the aforementioned Certificate purchasers, expires on August 15, 2005.
The Amended Complaint alleges that, during the Class Period, the prospectus disseminated in connection with the offering of the Certificates and subsequent statements by defendants, contained materially false and misleading statements concerning the quality of the manufactured housing loans which served as collateral for the Certificates. The misstatements included that the loans were issued only after careful scrutiny of borrower credit when, in fact, borrower creditworthiness was regularly disregarded. The truth only began to be partially revealed as extraordinarily high delinquency and foreclosure rates persisted with respect to the collateral leading to a series of rating downgrades, including in 2004.
Under recent amendments to the securities laws, if you purchased the Bombardier Certificates during the Class Period, you may request that the Court appoint you lead plaintiff. However, you must do so before August 15, 2005.
SSL&L was established in 1962 and has specialized in securities fraud litigation for over 35 years. Recently in 2004, SSL&L achieved a $39 million settlement as sole lead counsel in the prosecution of the securities litigation against Nicor, Inc. In 2003, Federal District Judge McMahon in commending on SSL&L's prosecution of another securities fraud action noted "Through (SSL&L's) efforts, after intensive investigation, concentrated litigation and extensive arm's-length bargaining, and without the benefit of any governmental agency's investigation, Class Counsel have secured a settlement fund which confers an excellent benefit to the Class ... ."
If you would like to further discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, you may call collect or otherwise contact the undersigned, who will be pleased to assist:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca