SOURCE: Kahn Gauthier Swick, LLC

September 17, 2008 23:14 ET

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

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

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 To learn more about KGS, you may visit 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.

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