NEW YORK, Jan. 9, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of PFF Bancorp, Inc. ("PFF" or the "Company") (OTCBB:PFFBQ) during the period between October 23, 2006 through November 21, 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 PFF common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by March 9, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that defendants concealed the Company's improper lending to borrowers with little ability to repay the amount loaned and failed to inform investors of the impact of changes in the real estate market in San Bernardino and Riverside counties (the "Inland Empire"). As a result of defendants' concealment, PFF's stock traded at artificially inflated levels throughout the Class Period, reaching a high of $35.45 per share in December 2006. On November 21, 2008, after the market closed, the Bank was closed by regulators and taken over by U.S. Bancorp. Following this announcement, PFF's stock declined to $0.01 per share, a total loss for investors.