HARTFORD, Conn., April 15, 2008 (Lawfuel) — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the Southern District of New York on behalf of all
persons who purchased the common stock of iStar Financial Inc. (“iStar”
or the “Company”) (NYSE:SFI) pursuant or traceable to the Company’s
secondary public offering on or about December 13, 2007 (the “Secondary
Offering”).
The Complaint charges that iStar, a finance company focusing on the
commercial real estate industry, and certain of its officers and
directors violated federal securities laws. Specifically, on or about
October 9, 2007, iStar filed a Form S-3 Shelf Registration Statement
with the Securities and Exchange Commission. On or about December 13,
2007, iStar filed a Prospectus Supplement to the Shelf Registration
Statement (the “Registration Statement”) with respect to the Secondary
Offering, which forms part of the Registration Statement, and more than
8 million shares of iStar common stock were sold to the public at
$28.41 per share, thereby raising more than $227 million.
The complaint alleges that the Registration Statement negligently
failed to disclose that iStar was then being negatively impacted by the
adverse conditions in the credit markets and was failing to recognize
more than $200 million of losses on its corporate loan and debt
portfolio.
On February 28, 2008, iStar announced its financial results for the
fourth quarter of 2007 and fiscal year 2007. For the fourth quarter,
the Company reported a loss of ($78.7 million) or ($0.62) per share.
iStar further reported that its fourth quarter financial results were
impacted by $134.9 million of charges associated with the “impairment
of two credits” and that the Company had increased its loan loss
provisions by $113 million. In response to this announcement and
subsequent analyst downgrades, iStar stock declined from $22.85 per
share on February 27, 2008, to $13.98 per share on March 6, 2008.
If you are a member of the class, you may, no later than June 13, 2008,
request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. 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 Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
CONTACT: Schatz Nobel Izard P.C.
Wayne T. Boulton
Nancy A. Kulesa
(800) 797-5499
firm@snilaw.com
www.snilaw.com
