SOURCE: Brower Piven, A Professional Corporation

May 17, 2011 18:23 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in 1st Centennial Bancorp to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 20, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - May 17, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the securities of 1st Centennial Bancorp ("1st Centennial" or the "Company") (PINKSHEETS: FCEN) during the period between April 13, 2006 and January 23, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 20, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period 1st Centennial's exposure to the risky CRE/ADC loan market and mounting loan losses and that the Bank's loan underwriting and credit administration practices failed to comply with prudent banking standard and lending policy. According to the Complaint, as a result of the alleged misconduct at 1st Centennial, on January 23, 2009 the California Department of Financial Institutions seized 1st Centennial and appointed the FDIC as receiver such that the value of 1st Centennial shares declined significantly. Also according to the complaint, on March 25, 2009, 1st Centennial filed for bankruptcy, and on January 14, 2011 the FDIC sued 1st Centennial's officers and directors alleging, among other things, willful misconduct in causing 1st Centennial's failure.

If you have suffered a net loss for all transactions in 1st Centennial Bancorp securities during the Class Period, including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact