COLCHESTER, Conn., Oct. 3, 2007 (PRIME NEWSWIRE) -- On August 14, 2007, Scott+Scott, LLP filed the first securities class action against Countrywide Financial Corp. (NYSE:CFC) ("Countrywide" or the "Company") and certain officers and directors in the U.S. District Court for the Central District of California. Following the filing of this original action, additional investors followed suit and filed related actions. The related actions encompass Countrywide Financial securities purchasers during the period between April 24, 2004, through August 9, 2007, inclusive (the "Class Period"), for violations of the Securities Exchange Act of 1934.
If you purchased Countrywide Financial stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than October 15, 2007 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, 800/404-7770, 860/537-5537) or visit the Scott+Scott website, http://www.scott-scott.com, for more information. There is no cost or fee to you.
It is alleged that, during the Class Period, defendants made false and misleading statements, in concealment of the alarming growth of loan delinquencies and the increasing likelihood of impairment charges, with resulting adverse impacts on the quality of the Company's collateralized debt obligations (CDO's), earnings and profits. Following this, on July 24, 2007 and August 9, 2007, shocking facts were revealed, including $417 million in impairment charges, the implementation of a $292.9 million loan loss provision and adoption of a new risk disclosure warning of short-term liquidity issues. On these revelations, the price of Countrywide Financial stock suffered substantial declines on heightened trading volumes.
Scott+Scott is a national law firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca