Attorney Advertising. Notice is hereby giventhat a class action has been commenced in the United States District Courtfor the Central District of California on behalf of purchasers of thecommon stock of IndyMac Bancorp, Inc. ("IndyMac" or the "Company") (NYSE: IMB) between August 16, 2007 and May 12, 2008 (the "Class Period").
Stull, Stull & Brody has substantial experience representing employees whosuffered losses from purchases of their employer's stock in their 401(k)plans. If you bought IndyMac stock through your IndyMac retirement accountand have information or would like to learn more about these claims, pleasecontact us.
The complaint charges IndyMac and certain of its officers and directorswith violations of the Securities Exchange Act of 1934. IndyMac is theholding company for IndyMac Bank, F.S.B., a hybrid thrift/mortgage bank.The complaint alleges that during the Class Period, defendants issuedmaterially false and misleading statements regarding the Company's businessand financial results. Specifically, defendants downplayed and concealedIndyMac's growing exposure to non-performing assets, particularly loans inits pay-option adjustable-rate mortgages ("Option ARM") and homebuilderconstruction portfolios, and made numerous positive representationsregarding the Company's capital position to alleviate investors' fearsconcerning the Company's capital erosion. As a result of defendants' falsestatements, IndyMac stock traded at artificially inflated prices during theClass Period, reaching a Class Period high of $24.55 per share in October2007.
Then, on May 12, 2008, IndyMac announced its first quarter 2008 financialresults, including a net loss of $184.2 million, or $2.27 per share,compared with net earnings of $52.4 million, or $0.70 per share, in thefirst quarter of 2007.
