Contact Information: Contact: Lewis Kahn Kahn Gauthier Swick, LLC 1-866-467-1400, ext. 100 Lewis.kahn@kgscounsel.com
INVESTOR ALERT: KGS Notifies BankUnited Financial Corp. Purchasers With Losses Greater Than $300,000, of Lead Plaintiff Application Deadline in Securities Class Action Lawsuit - BKUNA
| Source: Kahn Gauthier Swick, LLC
NEW ORLEANS, LA--(Marketwire - September 17, 2008) - Kahn Gauthier Swick, LLC ("KGS") announces
that a securities class action lawsuit was filed in the United States
District Court for the Southern District of Florida, on behalf of
purchasers of the common stock of BankUnited Financial Corporation
("BankUnited") (NASDAQ : BKUNA ) during the period between April 18, 2006 and
June 18, 2008 (the "Class Period"). No class has yet been certified in this
action.
If you would like to discuss your legal rights, you may e-mail or call KGS
Managing Partner Lewis Kahn, without obligation or cost to you, toll free
1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by
email at lewis.kahn@kgscounsel.com.
The complaint charges BankUnited and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. The complaint
alleges that during the Class Period, defendants made materially false and
misleading statements regarding the Company including that: (a) the true
risk associated with investing in the Company, given its undisclosed lack
of underwriting standards; (b) the Company's true exposure to losses
related to its sale of billions of dollars of pay-option arms, which were
sold to unqualified borrowers at rates that were allowed to be set at
artificially low levels; (c) BankUnited had adopted inadequate appraisal
process and procedures, the purpose and effect of which was to qualify
borrowers for over-valued mortgages; and (d) other illegal and improper
practices related to the purchase and sale of subprime and nonprime
mortgages. When the true impaired condition of the Company was ultimately
made known to investors, shares of the Company collapsed and shareholders
were damaged.
If you wish to serve as lead plaintiff in this class action lawsuit, you
must move the Court no later than November 17, 2008. Any member of the
putative class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an absent
class member. If you would like to discuss your legal rights, you may
e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost
to you, toll free 1-866-467-1400, ext. 100, after hours via cell phone
504-301-7900, or by email at lewis.kahn@kgscounsel.com. To learn more about
KGS, you may visit www.kgscounsel.com. KGS is a law firm focused on
securities class action litigation with offices in New Orleans and New York
City.
KGS' lawyers have significant experience litigating complex securities
class actions. Among other cases, KGS has been appointed Lead or Co-Lead
Counsel in the following securities cases: In re: U.S. Auto Parts Networks,
Inc. Securities Litigation, C.D. Cal.; In re Optionable, Inc. Securities
Litigation, S.D.N.Y.; In re Xethanol Corporation Securities Litigation,
S.D.N.Y.; Pixelplus Co. Ltd., S.D.N.Y.; In re Witness Systems Inc.
Securities Litigation, N.D. Ga.; Whitney Information Network, M.D. Fla.;
Bodisen Biotech, Inc., S.D.N.Y.; Pegasus Wireless Corp., S.D. Fla.; In re
Xinhua Finance Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon Comm.
Systems Inc., N.D. Cal.; Gaming Partners, D. Nev.; and In re BigBand
Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: KGS encourages you to carefully evaluate any firm you may
consider to represent your interests in the BankUnited class action. The
Private Securities Litigation Reform Act ("PSLRA") permits BankUnited
shareholders to choose counsel of their choice to prosecute this action.
Critical components of a law firm's ability to successfully prosecute this
action and obtain a strong recovery for you include the resources it will
dedicate to prosecution of the case, including the number of lawyers the
firm has available for the BankUnited action in particular, AND especially
the quality of the firm's work. Interested shareholders are encouraged to
call for consultation and to request more information about KGS. While KGS
has not filed suit yet, the firm is currently conducting its own
investigation of BankUnited and invites shareholders to evaluate its
complaint when choosing counsel.