BOULDER, Colo., Jan. 16, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced a Class Action lawsuit has been filed 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").
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. As a result of defendants' alleged 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 Company was closed by regulators and taken over by U.S. Bancorp. Following this announcement, PFF's stock declined to $0.01 per share.
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.
While The Shuman Law Firm has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.
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