Posted on 14-06-2008
Franklin Bank Class Action Lawsuit
Filed Under (Business) by mike

A law firm has filed a class action lawsuit on behalf of all persons who purchased the common or preferred stock of Franklin Bank Corp. Franklin Bank of Texas is closing its unit that provides financing to mortgage bankers, according to a person familiar with the situation.

 

A class-action lawsuit has been filed against Franklin Bank Corp. and its former chief executive, alleging that the company misrepresented its financial condition by failing to charge off uncollectible loans.

The holding company that operates Franklin Bank, former CEO Anthony Nocella and Chief Financial Officer Russell McCann were named as defendants. Nocella took early retirement in mid-May on the heels of an internal audit report that found accounting errors at the company, including failure to charge-off certain uncollectible single-family second-lien loans and failure to properly record mark-to-market write-downs on other loans.

Shalov Stone Bonner & Rocco LLP lawyers filed the securities fraud class action.

Investors are advised that the Franklin securities fraud class action seeks to protect the interests of both common and preferred shareholders.

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Comments

bloggingzoom.com on 14 June, 2008 at 1:25 pm #

Franklin Bank Class Action Lawsuit…

More fallout from the mortgage crisis. This time similar to the housing and load debacle years ago that also affected many banking firms in Texas. Franklin Bank of Texas seems to have loss a lot of investors money by apparently not taking care of busin…


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