NEW YORK, Feb. 11, 2005 (PRIMEZONE) -- Schoengold Sporn Laitman & Lometti, P.C. ("SSL&L") filed a class action lawsuit on behalf of all persons and entities that purchased Bombardier Capital Mortgage Securitization Pass-Through Certificates Series 2000A (the "Certificates") during the period January 27, 2000 through May 6, 2003 (the "Class Period") in the Southern District of New York. If you purchased the Certificates during the Class Period and wish to participate in the litigation or obtain more information, you may contact the attorneys handling the case by visiting SSL&L's website at www.spornlaw.com or contact SSL&L toll free at (866) 348-7700 or via e-mail (all e-mail should include your name, address, phone number and the number of Certificates you purchased within the Class Period) at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires April 11, 2005.
The complaint alleges that, during the Class Period, the prospectus disseminated by Bombardier Capital, in connection with the offering of the Certificates, contained materially false and misleading statements concerning the quality of the manufactured housing loans which served as collateral for the Certificates. The misstatements included that the loans were issued only after careful scrutiny of borrower credit -- when, in fact, borrower creditworthiness was regularly disregarded. The truth only began to be partially revealed as extraordinarily high foreclosure rates persisted leading to a series of rating downgrades, such as the February 2, 2004, when Fitch downgraded the Certificates, noting "a combination of underwriting problems have resulted in the highest cumulative losses of any manufactured housing lender."
The asserted claims arise, inter alia, under Sections 10 and 20 of the Securities Exchange Act of 1934. The named defendants in the action are Bombardier Inc., Bombardier Capital Inc., Bombardier Capital Mortgage Securitization Corp., Laurent Beaudoin, Brian Peters, Robert Gillespie, Lawrence F. Assell, Credit Suisse First Boston, JPMorgan Chase and Prudential Equity Group. The case is pending in the United States District Court for the Southern District of New York. Any subsequently filed cases, seeking similar relief and relating to the same facts as alleged herein, are expected to be consolidated into this case.
Under recent amendments to the securities laws, if you purchased Bombardier Certificates during the Class Period, you may request that the Court appoint you lead plaintiff. However, you must do so before April 11, 2005.
SSL&L was established in 1962 and has specialized in securities fraud litigation for over 35 years. Recently in 2004, SSL&L achieved a $39 million settlement as sole lead counsel in the prosecution of the securities litigation against Nicor, Inc. In 2003, The Federal District Judge McMahon in commending on SSL&L's prosecution of another securities fraud action noted, "Through (SSL&L's) efforts, after intensive investigation, concentrated litigation and extensive arm's-length bargaining, and without the benefit of any governmental agency's investigation, Class Counsel have secured a settlement fund which confers an excellent benefit to the Class...."
If you would like to further discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, you may call collect or otherwise contact the undersigned, who will be pleased to assist.
A logo for Schoengold Sporn Laitman & Lometti, P.C. is available at: http://www.primezone.com/newsroom/prs/?pkgid=1411
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.