Class Action Lawsuit Against 1st Centennial Bancorp May Require Additional Class Representatives
SAN DIEGO, Aug. 6, 2013 /PRNewswire/ -- On April 20, 2011, shareholder rights attorneys at Robbins Arroyo LLP announce that an investor commenced a class action lawsuit in the U.S. District Court for the Central District of California (the "Court"), on behalf of all persons who purchased or otherwise acquired 1st Centennial Bancorp ("1st Centennial" or the "Company") common stock between March 9, 2007 and January 23, 2009, against certain of 1st Centennial's former officers and directors for violations of the Securities Exchange Act of 1934 (the "Action"). This press release is being published to alert shareholders about recent events in the Action.
The Action Seeks Redress for 1st Centennial's Alleged False and Misleading Statements Made By the Company's Officers and Directors
The complaint alleges that certain of 1st Centennial's former officers and directors made materially false and misleading statements during the class period in press releases and filings with the U.S. Securities and Exchange Commission regarding 1st Centennial's financial health and business prospects. On June 25, 2013, the Court held that a statement made on August 7, 2008, satisfied legal standards for stating a securities fraud claim, but dismissed the remaining class claims, potentially narrowing the class to shareholders who purchased 1st Centennial common stock between August 7, 2008 and January 23, 2009.The Claims Asserted on Behalf of 1st Centennial May Be Stronger if Another 1st Centennial Shareholder Is Substituted as Class Representative The Action and the likelihood of a class being certified may be considered stronger if another 1st Centennial shareholder is substituted and/or added as a class representative in the lawsuit. Dismissal of the Action may bar any other action bringing the same claims asserted in this Action because the applicable limitation periods may have expired.
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