Charles H. Johnson & Associates Files Class Action Lawsuit Against Accredited Home Lenders Holding Corp.
Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of Accredited Home Lenders Holding Corp. (``Accredited’’ or the ``Company’’) (NasdaqGS:LEND - News) publicly traded securities during the period November 1, 2005 through March 12, 2007 (the ``Class Period).
If you are a member of the proposed Class, you may move the court to serve as a lead plaintiff for the Class on or before May 15, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period concerning the Company’s operations, financial performance and prospects, thereby artificially inflating the price of Accredited Home Lenders securities.
On February 14, 2007, Accredited issued a press release announcing disappointing profitability. Then, on March 12, 2007, after the market closed, the Company reported that it had paid approximately $190 million in margin calls on its facilities since January 1, 2007. In addition, Accredited was seeking waivers and extensions of waivers of certain financial and operating covenants under its warehouse and repurchase facilities. On March 13, 2007, Accredited’s stock collapsed $7.43 per share to close at $3.97 per share, a one-day decline of 65%.
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