SOURCE: Bronstein, Gewirtz & Grossman, LLC

July 04, 2008 14:53 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against First American Corporation

NEW YORK, NY--(Marketwire - July 4, 2008) - Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York against First American Corporation ("First American" or the "Company") (NYSE: FAF) and various individuals on behalf of purchasers of First American securities who purchased between April 26, 2006 and November 6, 2007 (the "Class Period").

The complaint alleges First American and certain of its officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu") to artificially inflate appraisals of homes for use in connection with mortgages issued by WaMu. As a result of the foregoing, and in ignorance of the falsity of First American's statements concerning the operating results along with the performance of the Company, the market price of First American was artificially inflated during the Class Period. As the market became aware of First American's wrongful acts, First American stock price declined from a Class Period high of $55.11 per share on June 1, 2007 to a low of $30.07 per share on November 7, 2007, a decline of 45%, wiping out over $2 billion in market capitalization.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.

Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Contact:
    Peretz Bronstein or Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact