NEW YORK, June 27, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that a lawsuit has commenced in the United States District Court for the Central District of California on behalf of purchasers of IndyMac Bancorp. Inc. ("IndyMac" or "the Company") (NYSE:IMB) common stock during the period between August 16, 2007 and May 12, 2008 (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased IndyMac common stock during the period described above, you have certain rights, and have until no later than 60 days from June 27, 2008 in which to move for Lead Plaintiff status. 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.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint charges IndyMac and certain of its officers and directors with violations of the Securities Exchange Act of 1934. IndyMac is the holding company for IndyMac Bank, F.S.B., a hybrid thrift/mortgage bank. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants downplayed and concealed IndyMac's growing exposure to non-performing assets, particularly loans in its pay-option adjustable-rate mortgages ("Option ARM") and homebuilder construction portfolios, and made numerous positive representations regarding the Company's capital position to alleviate investors' fears concerning the Company's capital erosion. As a result of defendants' false statements, IndyMac stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of $24.55 per share in October 2007.