NEW YORK, NY -- (Marketwire) -- 03/12/09 -- The Rosen Law Firm, P.A. announces that a class action lawsuit has been commenced on behalf of purchasers of Corus Bankshares, Inc. ("Corus" or the "Company") (NASDAQ: CORS) common stock during the period from January 25, 2008 to January 30, 2009 (the "Class Period").
To join the Corus Bankshares class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. The case is pending in the United States District Court for the Northern District of Illinois.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY ALSO RETAIN COUNSEL OF YOUR CHOICE.
The complaint alleges that Corus' press releases, SEC filings and other public statements during the Class Period were false and misleading for failing to disclose: (i) that Corus was failing to recognize losses on its condominium loans as required by accounting rules, and (ii) that Corus was purchasing condominiums in developments Corus had financed in an attempt to: (a) inflate the appraised values of condominiums to delay having to recognize losses on financing for such condominiums; (b) inflate developers' sales figures to increase the likelihood of successful future sales; and (c) create the illusion of successful sales histories in order to inflate appraisal values for the condominiums to ensure inflated future prices for the condominiums.
On January 30, 2009, Corus released poor financial results for fiscal 2008 stemming from the adverse business practices it had concealed. Upon this announcement, Corus' shares fell nearly 47% to close at $.59 per share on February 2, 2009, on heavy trading volume.
A class action lawsuit has already been filed on behalf of Corus shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than May 11, 2009. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the world, focusing its practice in securities class actions and shareholder derivative litigation.
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