HARTFORD, Conn., Aug. 22, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons who purchased the securities of RAIT Financial Trust ("RAIT") (NYSE:RAS) between June 8, 2006 and July 31, 2007, inclusive (the "Class Period").
The Complaint charges that RAIT violated federal securities laws by making false and misleading statements regarding its exposure to the sub-prime mortgage market. The Complaint also alleges that RAIT's exposure to the sub-prime mortgage market was due, in part, to its acquisition of the Taberna Realty Finance Trust ("Taberna"), an acquisition announced on June 8, 2006 (the beginning of the Class Period).
If you are a member of the class, you may, no later than October 1, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.