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Securities class action filed against CompuCredit.
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Date:
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8/22/2008 3:58:48 PM
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Company:
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CompuCredit Corp. (CCRT)
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Lawyers:
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Chitwood Harley Harnes LLP
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Docket Number:
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08-2687
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A securities class action has been filed against CompuCredit Corp. and certain of its officers and directors ("defendants"). The class period is from November 6, 2006 through June 9, 2008.
In the complaint, plaintiffs allege that defendants issued materially false and misleading statements regarding the company’s business prospects and financial results, and as a result, CompuCredit's stock traded at artificially inflated prices during the class period. Specifically, plaintiffs claim that defendants "falsely touted the growth of the Company’s credit card business without disclosing that such growth was based on fraudulent conduct and that the Company faced material risk of rescission of the fees and payment of massive fines." Plaintiffs also claim that defendants "claimed the Company was in compliance with applicable federal regulations even though its marketing and collecting practices violated such regulations."
Plaintiffs seek damages with pre- and post-judgment interest, attorneys' fees and costs.
(US Dist. Ct., N.D. Ga.)
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| Source: LitWatch Story. |
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