NEW YORK, July 9, 2008 (LAWFUEL) — Woes continue for investors
in mortgage lender IndyMac Bancorp, Inc. (NYSE:IMB), as the company’s
stock price closed yesterday at $.44 per share — down almost 99% from
IndyMac’s share price of over $36 just one year ago. On Tuesday, the
company reported that depositors have been withdrawing cash at what
IndyMac refers to in a regulatory filing as “elevated levels.” In
additional news, the company indicates that it will also be selling
more than 60 of its retail mortgage branches.
Highlighting IndyMac’s problems, Senator Charles Schumer (D-NY) said in
a statement released yesterday, “It is obvious that the breadth of the
bad lending that has led to IndyMac’s troubles happened over the last
few years, not the last few days. In short, IndyMac was a junior
version of Countrywide.”
In the face of growing concern, on June 30, 2008, Scott+Scott LLP filed
a class action against IndyMac on behalf of those purchasing IndyMac
common stock between August 17, 2007 and May 11, 2008, inclusive (the
“Class Period”), for violations of the US securities laws. The
complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding IndyMac’s business
and financial results and, as a result, the price of the Company’s
securities was inflated during the Class Period, thereby harming
investors.
If you purchased IndyMac common stock during the Class Period and wish
to serve as a lead plaintiff in the action, you must move the Court no
later than August 11, 2008. Any member of the investor class may move
the Court to serve as lead plaintiff through counsel of its choice, or
may choose to do nothing and remain an absent class member. If you wish
to discuss this action or have questions concerning this notice or your
rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800)
404-7770, (860) 537-5537 or visit the Scott+Scott website,
http://www.scott-scott.com) for more information. There is no cost or
fee to you.
