LOS ANGELES, Dec. 7, 2007 (PRIME NEWSWIRE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of BankAtlantic Bancorp Inc. -- announces 21 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased or otherwise acquired the securities of BankAtlantic Bancorp, Inc. ("BankAtlantic" or the "Company") (NYSE:BBX) between November 9, 2005 and October 25, 2007, inclusive (the "Class Period"), may move the Court not later than December 28, 2007, to serve as lead plaintiff; however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges BankAtlantic and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's financial performance caused BankAtlantic's stock price to become artificially inflated, inflicting damages on investors. BankAtlantic operates as the holding company for a Florida-chartered bank which offers consumer and commercial banking services in Florida, including commercial demand deposit accounts, retail demand deposit accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts. The Complaint alleges that throughout the Class Period defendants issued misleading, positive statements about the Company's land acquisition and development loan portfolio. Defendants also made numerous claims in press releases and public filings that the Company had significantly increased its commercial real estate loan portfolio, but failed to disclose a $27.8 million non-performing loan.
On April 25, 2007, BankAtlantic issued a partial disclosure -- announcing that the Company would likely suffer an impairment to its loan portfolio because of a non-performing asset. Then, on October 25, 2007, the Company announced the full extent of its loan losses and real estate impairments, including non-performing loans which had increased, from $21.8 million on June 30, 2007, to $165.4 million on September 30, 2007, primarily the result of eleven commercial real estate loans totaling $148.7 million placed in non-accrual status. As a result of this news, the Company's stock price plummeted more than 40 percent.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than December 28, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.