HARTFORD, Conn., Sept. 19, 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 Southern District of New York on behalf of all persons who purchased the common stock of Care Investment Trust, Inc. ("Care") (NYSE:CRE) pursuant and/or traceable to the Company's initial public offering on or about June 22, 2007, (the "IPO" or the "Offering").
The Complaint charges that Care Investments, a real estate investment and finance company formed principally to invest in healthcare-related commercial mortgage debt and real estate, and certain of its officers and directors violated federal securities law. Specifically, on or about June 22, 2007, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and more than 15 million shares of Care Investment's common stock were sold to the public at $15.00 per share, thereby raising more than $225 million. The complaint alleges that the Prospectus contained inaccurate statements of material fact because it failed to disclose the following: (i) that certain of the assets in the portfolio of healthcare-related mortgage assets, which was created upon the consummation of the IPO, were materially impaired and therefore overvalued; and (ii) that the Company was experiencing increasing difficulty in securing its warehouse financing lines.
If you are a member of the class, you may, no later than November 19, 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.