Summary of Case:
Scott+Scott, LLP, filed a class action against Countrywide Financial Corp. ("Countrywide Financial" or the "Company") (NYSE:CFC) and certain officers and directors in the U.S. District Court for the Central District of California. The action is on behalf of Countrywide Financial common stock purchasers during the period October 27, 2005 through August 9, 2007, inclusive (the "Class Period''), for violations of the Securities Exchange Act of 1934. The Complaint alleges that, during the Class Period, defendants made false and misleading statements regarding the changing quality of the Company's mortgage loan portfolio. These reassuring announcements served to conceal the alarming growth of loan delinquencies and the increasing likelihood of impairment charges, with resulting adverse impacts on the quality of the Company's collateralized debt obligations (CDO's), earnings and profits. The deadline to file for Lead Plaintiff is October 15, 2007.
PLEASE NOTE: The class period in this securities class action has been expanded to include April 24, 2004 through August 9, 2007.
