WASHINGTON, March 13, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP announces that it is currently investigating potential shareholder and derivative claims involving Corus Bankshares, Inc. ("Corus" or the "Company") (Nasdaq:CORS).
According to a recently-filed lawsuit in the United States District Court for the Northern District of Illinois, Corus shares plunged nearly 47% to close at $0.59 per share on February 2, 2009 on unusually heavy trading volume. The Complaint alleges that during the Class Period Defendants concealed the facts that: (i) Corus was failing to recognize losses on its condominium loans in accordance with generally accepted accounting principles ("GAAP"); (ii) Corus and/or its affiliates was purchasing condominiums in developments Corus had financed in an attempt to inflate the appraised values of the condominiums and to inflate developers' sales figures; and (iii) that Corus was involved in detailed and in-depth negotiations with the Federal Reserve Bank of Chicago and the Office of the Comptroller of Currency regarding its deteriorating pool of condominium loans.
Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. The firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a Corus shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com. You may also contact us through our website at http://www.finkelsteinthompson.com/.