BankAtlantic Sues Analyst Bove

Levan points out that BankAtlantic Bancorp and BFC Financial hold other assets and business, "which make the comparison nonsensical," he said.

"Simply by way of example of the gross errors in this 'analysis,' Bove compared the non-performing loans of BankAtlantic with the capital of BFC Financial Corp., a public company that owns 23% of BankAtlantic Bancorp that in turn owns BankAtlantic and other business lines," Levan said. "The so-called analysis itself was totally false and the impression it created foreseeable."

Bove declined to comment. A disclaimer at the end of the first page of the report in question, however, says, "As always while the numbers come from sources believed to be reliable, we do not guarantee their accuracy."

A Ladenburg spokesman said the firm "will defend ourselves against this meritless lawsuit."

Shares of BankAtlantic, down more than 80% from its 52-week high of $9.60, closed up 12.5% to $1.89 Monday.

Sr. Banking Analyst Phil van Doorn contributed to this report.