NEW YORK, July 9, 2008 (PRIME NEWSWIRE) -- Woes continue for investors in mortgage lender IndyMac Bancorp, Inc. (NYSE:IMB), as the company's stock price closed yesterday at $.44 per share -- down almost 99% from IndyMac's share price of over $36 just one year ago. On Tuesday, the company reported that depositors have been withdrawing cash at what IndyMac refers to in a regulatory filing as "elevated levels." In additional news, the company indicates that it will also be selling more than 60 of its retail mortgage branches.
Highlighting IndyMac's problems, Senator Charles Schumer (D-NY) said in a statement released yesterday, "It is obvious that the breadth of the bad lending that has led to IndyMac's troubles happened over the last few years, not the last few days. In short, IndyMac was a junior version of Countrywide."
In the face of growing concern, on June 30, 2008, Scott+Scott LLP filed a class action against IndyMac on behalf of those purchasing IndyMac common stock between August 17, 2007 and May 11, 2008, inclusive (the "Class Period"), for violations of the US securities laws. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding IndyMac's business and financial results and, as a result, the price of the Company's securities was inflated during the Class Period, thereby harming investors.
If you purchased IndyMac common stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than August 11, 2008. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its 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.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/