The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed in
the United States District Court for the Southern District of Florida on
behalf of those who purchased the common stock of BankUnited Financial
Corporation ("BankUnited”
or the "Company”)
(Nasdaq: BKUNA) between April 18, 2006 and June 18, 2008 (the "Class
Period”).
The Complaint charges that BankUnited and certain of its officers and
directors violated federal securities laws by issuing materially false
statements. Specifically, the Complaint alleges that defendants
misrepresented the following: (i) the losses the Company was likely to
suffer due to BankUnited’s poor underwriting
standards, which would occur once interest rates reset on the billions
of dollars of pay-option arms (adjustable rate mortgages where borrowers
had the ability to choose their payment amount during the initial period
of the loan); (ii) BankUnited’s appraisal
process, which permitted borrowers to obtain mortgages in excess of
their ability to pay and in excess of the value of the underlying
property; and (iii) BankUnited’s policies
with regard to "piggy-back”
loans, which are essentially second mortgages made at the time a home is
purchased to fund a down payment.
If you are a member of the class, you may, no later than November 17,
2008, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, class action cases in general, and your
rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or
by e-mail at firm@izardnobel.com,
or visit our website: www.izardnobel.com.
