ENGLEWOOD CLIFFS, N.J., Aug. 10, 2007 (PRIME NEWSWIRE) -- Gardy & Notis, LLP announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California charging Luminent Mortgage Capital, Inc. (NYSE:LUM) and its top executive officers with violating the federal securities laws by issuing a series of materially false and misleading press releases and filings with the SEC concerning Luminent's financial results and business prospects.
Luminent's representations concerning the liquidity and the security of its dividend are alleged to be patently untrue, and served to falsely inflate the prices investors paid for Luminent securities. On August 6, 2007, following the announcement that Luminent had suspended payment of its second quarter dividend, Luminent stock lost over 92% of its value, inflicting enormous harm on investors.
If you purchased any Luminent securities between October 10, 2006 and August 6, 2007, then you may, no later than October 8, 2007, request that the Court appoint you as lead plaintiff for the class of Luminent investors. Any member of the class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a class member. Plaintiff is represented by Gardy & Notis, LLP, a law firm with extensive experience in prosecuting class actions and significant expertise in actions involving corporate and securities fraud.
If you wish to obtain a copy of the complaint or have any questions concerning this lawsuit, please contact Mark Gardy or Dustin Mansoor at 201-567-7377 or by e-mail at mgardy@gardylaw.com or dmansoor@gardylaw.com. You can also obtain more information by visiting our website at www.gardylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca