Key Developments For Pacific Capital Bancorp
Pacific Capital Bancorp (PCBC.O) (Nasdaq)
Stull, Stull & Brody Files Class Action Suit Against Pacific Capital Bancorp
Stull, Stull & Brody announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Pacific Capital Bancorp between April 30, 2009 and July 30, 2009, inclusive (the Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934 (the Exchange Act). The complaint alleges that Pacific Capital and certain of its senior executive officers issued materially false and misleading statements and/or concealed material information relating to the Company's reserves for losses on its loan portfolio in violation of Exchange Act sections 10(b) and 20(a). The complaint also alleges that a stock analyst covering Pacific Capital issued a buy rating on the Company's common stock despite knowingly or recklessly failing to conduct a standard analysis of Pacific Capital's banking operations that would have revealed that it was not appropriate to issue a buy rating.
Brower Piven Announces Class Action Lawsuit Against Pacific Capital Bancorp
Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Pacific Capital Bancorp during the period between April 30, 2009 and July 30, 2009, inclusive (Class Period). No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 9, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that, contrary to what the Company had told investors during the Class Period, it had not adequately reserved for loan losses, had not applied a conservative reserve methodology, and needed to record an additional loan loss provision of $117 million. According to the complaint, after the Company revealed the need to record the additional loan loss provision for $117 million, the value of Pacific Capital's stock declined significantly.
Holzer Holzer & Fistel, LLC Files Class Action Lawsuit On Behalf of Investors In Pacific Capital Bancorp
Holzer Holzer & Fistel, LLC announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of Pacific Capital Bancorp who purchased shares between April 30, 2009 and July 30, 2009, inclusive (the Class Period). The lawsuit alleges, among other things, that Pacific Capital misrepresented the sufficiency of its loan-loss reserves, and according to the lawsuit, Pacific Capital also misrepresented the methodology by which it calculated its loan loss reserves.
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Pacific Capital Bancorp
Pacific Capital Bancorp announced that Law Offices of Howard G. Smith has filed a class action lawsuit on behalf of all persons or entities who purchased the common stock of Pacific Capital Bancorp (the Company) between April 30, 2009 and July 30, 2009, inclusive (the Class Period). The class action lawsuit was filed in the United States District Court for the Central District of California. The Complaint alleges that the defendants violated federal securities laws by issuing material misrepresentations to the market concerning Pacific Capital Bancorp`s financial performance and prospects, thereby artificially inflating the price of the Company`s securities.
Stull, Stull & Brody Files Class Action Suit Against Pacific Capital Bancorp
Stull, Stull & Brody announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Pacific Capital Bancorp between April 30, 2009, and July 30, 2009, inclusive (the Class Period) seeking to pursue remedies under the Securities Exchange Act of 1934 (the Exchange Act). The complaint alleges that Pacific Capital and certain of its senior executive officers issued materially false and misleading statements and/or concealed material information relating to the Company`s reserves for losses on its loan portfolio in violation of Exchange Act sections 10(b) and 20(a). The complaint also alleges that a stock analyst covering Pacific Capital issued a buy rating on the Company`s common stock despite knowingly or recklessly failing to conduct a standard analysis of Pacific Capital`s banking operations that would have revealed that it was not appropriate to issue a buy rating. The complaint alleges that investors who purchased the Company`s common stock at artificially inflated prices during the Class Period suffered damages when the truth about the Company`s financial condition was revealed to the market at certain times during the Class Period and the price of the Company`s common stock declined.
