SOURCE: Stull, Stull & Brody

November 04, 2005 13:37 ET

Stull, Stull & Brody Announces Class Action Against First Bancorp

NEW YORK, NY -- (MARKET WIRE) -- November 4, 2005 -- Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased the securities of First BanCorp (NYSE: FBP) during the period between October 20, 2003 and August 25, 2005 (the "Class Period").

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought First BanCorp's stock through your First BanCorp retirement account and have information or would like to learn more about these claims, please contact us.

The complaint charges First BanCorp violated federal securities laws by issuing false or misleading public statements. On August 25, 2005, First BanCorp announced that it had "received a letter from the Securities and Exchange Commission (the 'SEC') in which the SEC indicated that it was conducting an informal inquiry into the Company. The inquiry pertains, among other things, to the accounting for mortgage loans purchased by the Company from two other financial institutions during the Calendar years 2000 through 2004." On this news, the price of First Bancorp stock fell from a close of $19.94 per share on August 25, 2005, to close at $18.16 per share on August 26, 2005.

If you purchased First BanCorp securities during the Class Period, you may request that the Court appoint you as lead plaintiff by January 2, 2006. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Contact:

    Tzivia Brody, Esq.
    Stull, Stull & Brody
    1-800-337-4983
    fax 212/490-2022
    Email Contact