Stellus Capital Investment (NYSE:SCA)
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From Jul 2019 to Jul 2024
The law firm of Spector, Roseman & Kodroff, P.C. announces that a class
action lawsuit was commenced in the United States District Court for the
Southern District of New York, on behalf of purchasers of the common
stock of Security Capital Assurance Ltd. ("Security Capital" or the
"Company") (NYSE:SCA)
between April 23, 2007 through December 10, 2007, inclusive (the "Class
Period").
The Complaint alleges that defendants violated the federal securities
laws by issuing materially false and misleading statements contained in
press releases and filings with the Securities and Exchange Commission
during the Class Period. Specifically, the Complaint alleges that the
Registration Statement and Prospectus filed with the Securities &
Exchange Commission in connection with the secondary offering contained
untrue statements of material facts because they failed to disclose
that: a substantial portion of the Company's credit portfolio related to
sub-prime residential mortgage backed securities ("RMBS") and
collateralized debt obligations ("CDOs") that had declined substantially
in value; 2) the Company's net loss reserves were inadequate in light of
the Company's deteriorating credit portfolio; 3) the Company's credit
default swaps were not fairly valued at the time of the secondary
offering; and 4) as a result of the Company's imprudent underwriting,
inadequate loss reserves and overvaluation of its credit default swaps,
the Company's AAA credit rating was at risk of being downgraded. As a
result of these omissions, persons who purchased the Company's common
stock pursuant to the secondary offering paid materially more than what
the shares were worth.
If you purchased Security Capital securities during the Class Period,
you may, no later than February 5, 2008, move to be appointed as
a Lead Plaintiff in this class action. A Lead Plaintiff is a
representative, chosen by the Court, which acts on behalf of other class
members in directing the litigation. The Private Securities Litigation
Reform Act of 1995 directs Courts to assume that the class member(s)
with the "largest financial interest" in the outcome of the case will
best serve the class in this capacity. Courts have discretion in
determining which class member(s) have the "largest financial interest,"
and have appointed Lead Plaintiffs with substantial losses in both
absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Security Capital securities
during the Class Period, please contact Spector, Roseman & Kodroff, P.C.
at classaction@srk-law.com
for a more thorough explanation of the Lead Plaintiff selection process.
If you have relatively small losses, your ability to participate in any
recovery will be protected by the Lead Plaintiff(s), and you need take
no affirmative steps at this time.
If you wish to join this action or have any questions concerning this
notice or your rights or interests, please contact plaintiff's counsel
Robert M. Roseman toll-free at 888-844-5862 or e-mail at classaction@srk-law.com.
For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania,
concentrates its practice in complex litigation including actions
dealing with securities laws, antitrust, contract and commercial claims.
The firm is active in major litigation pending in federal and state
courts throughout the United States. The firm's reputation for
excellence has been recognized on repeated occasions by courts which
have appointed the firm as lead counsel in numerous major class actions
involving violations of the federal securities laws and the federal
antitrust laws, and consumer fraud. As a result of the efforts of the
firm, and its members, hundreds of millions of dollars have been
recovered through judgments and settlements on behalf of thousands of
defrauded shareholders and companies.