News
SSB&R Files Securities Fraud Class Action Against Franklin Bank Corp.
Shalov Stone Bonner & Rocco LLP
06/06/2008
According to the complaint, the defendants violated the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, the defendants engaged in a variety of accounting improprieties, including their admitted failure to charge off uncollectible loans and to mark Franklin’s loans to market. As a result of the misconduct alleged, defendants understated the Company’s delinquent, nonperforming, and uncollectable loans and thereby misrepresented Franklin’s financial condition and results, including its overall and per-share profits and the fair market value of its residential mortgage loan portfolio.
To join the class action at this time, please review the complaint and complete the certification form, both of which are available below. Please fax your completed certification to (212) 239-4310, or mail it to: Shalov Stone Bonner & Rocco LLP, 485 7th Ave., Suite 1000, New York, NY 10018.
Complaint
Certification Form
Shalov Stone Bonner & Rocco LLP has filed a securities fraud class action on behalf of all investors who purchased or otherwise acquired the common or preferred stock of Franklin Bank Corp. (NASDAQ: FBTX) (AMEX: FBK-P) ("Franklin" or the "Company"), between October 29, 2007, and May 1, 2008, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Southern District of Texas and names as defendants Franklin and the Company's CEO and CFO during the Class Period.
According to the complaint, the defendants violated the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, the defendants engaged in a variety of accounting improprieties, including their admitted failure to charge off uncollectible loans and to mark Franklin’s loans to market. As a result of the misconduct alleged, defendants understated the Company’s delinquent, nonperforming, and uncollectable loans and thereby misrepresented Franklin’s financial condition and results, including its overall and per-share profits and the fair market value of its residential mortgage loan portfolio.
To join the class action at this time, please review the complaint and complete the certification form, both of which are available below. Please fax your completed certification to (212) 239-4310, or mail it to: Shalov Stone Bonner & Rocco LLP, 485 7th Ave., Suite 1000, New York, NY 10018.
Complaint
Certification Form