| Company: | 1st Centennial Bancorp |
| Ticker Symbol: | FECN |
| Class Period: | Apr-13-06 to Jan-23-09 |
| Date Filed: | Apr-19-11 |
| Lead Plaintiff Deadline: | Jun-18-11 |
| Court: | --- |
| Allegations: | |
During the Class Period, 1st Centennial was a bank holding company for the 1st Centennial Bank (the "Bank"). The Complaint asserts violations of the federal securities laws against 1st Centennial' and the Bank' former officers and directors for issuing false and misleading financial information to investors. The Complaint alleges that defendants misled investors and concealed: (a) the Bank' exposure to the risky CRE/ADC loan market; (b) mounting loan losses, and (c) the Bank' loan underwriting and credit administration practices including its non-compliance with prudent banking standard and lending policy.
According to the Complaint, as a result of the alleged misconduct at the Bank, on January 23, 2009 the California Department of Financial Institutions seized the Bank and appointed the FDIC as receiver. Thereafter, the Company filed for bankruptcy on March 25, 2009. The Complaint alleges that the investors began to learn of the Bank' fraudulent nature of the misdeeds at the Bank in August of 2009 when a material loss review was issued by regulators. On January 14, 2011 the FDIC sued the Bank' officers and directors alleging, among other things, willful misconduct in causing the Bank' failure. The Complaint alleges that investors in 1st Centennial securities were damaged as a result of the misconduct.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
