One Year Later
Beware Banks' Unfunded TARP Talk
The SEC is investigating the company, according to its third-quarter 10-Q filing. It also faces a class action lawsuit, led by State-Boston Retirement System, alleging the company and its executives violated BankAtlantic's lending policies and mislead investors when reporting nonperforming loans.
The class action lawsuit was amended from a previous complaint first filed in October 2007, which was dismissed by a federal judge on Dec. 11 for relying on unsubstantiated information from confidential witnesses. An amended complaint, citing information provided by confidential witnesses identified as former bank employees, was filed on Jan. 12, alleges that the company and its executives concealed some of its risk from loan losses on its commercial real estate loan portfolio in filings and an earnings conference call in April 2007. BankAtlantic didn't return a call requesting comment for this story. The company is expected to report fourth-quarter earnings results after the market close on Feb. 10.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
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26.41 |
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2.99 |
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10.02 |
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0.44 |
10 Yr
1.58%
SPDR Gold
151.62
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-0.21%
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-0.23%
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-0.35%
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-2.71%
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