Business & Finance
Business and Finance
Business and Finance
Fri, November 19, 2010
Thu, November 18, 2010 BankAtlantic Bancorp Statement on Shareholder Suit Verdict
FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--BankAtlantic Bancorp, Inc. (NYSE: BBX) (the aCompanya) announced today that a jury in a shareholder class action suit against the Company has returned a verdict awarding $2.41 per share to shareholders who purchased shares of the Companya™s Class A Common Stock during the period of April 26, 2007 to October 26, 2007 who retained those shares until the end of the period. The jury rejected the plaintiffsa™ claim for the six month period from October 19, 2006 to April 25, 2007.
"We are extremely disappointed with the verdict. The jury found seven isolated statements made in earnings conference calls were false. In adopting the Private Securities Litigation Reform Act, Congress provided safe harbor within the aForward Looking Statement"
BankAtlantic Bancorpa™s Chairman and Chief Executive Officer, Alan B. Levan, commented, aWe are extremely disappointed with the verdict. The jury found seven isolated statements made in earnings conference calls were false. In adopting the Private Securities Litigation Reform Act, Congress provided safe harbor within the aForward Looking Statementa and intended to provide a forum for corporate executives to freely discuss their businesses and their prospects without fear of this kind of litigation. Prior to trial, the court ruled that BankAtlantica™s allowance for loan loss provision, and BankAtlantic Bancorpa™s financial statements were accurately calculated and reported throughout the class period. We believe that should have been the end of this case. BankAtlantic lost money and Bancorpa™s stock price declined because the Florida real estate market collapsed. The risk of that occurrence was fully, completely and timely disclosed to the market. No one could fairly express either surprise or deceit when that risk materialized with the collapse of the Florida housing market in late 2007. If this outcome is allowed to stand, it would take public companies back to the day before Congress passed the Securities Litigation Reform Act. We will pursue every avenue to set this verdict aside and are confident of success in that endeavor.a
The company will be filing motions to set aside the verdict and if these are denied, the judge has indicated that she will certify all issues to the 11th Circuit Court of Appeals before any judgment is entered or claims commenced.
BankAtlantic, the federal savings bank, is not impacted by the verdict. The decision is against BankAtlantic Bancorp.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Floridaa™s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, holiday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts.
For further information, please visit our websites:
[ www.BankAtlanticBancorp.com ]
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: [ www.BankAtlanticBancorp.com ].
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the aSecurities Acta), and Section 21E of the Securities Exchange Act of 1934, as amended (the aExchange Acta), regarding ongoing litigation that involve substantial risks and uncertainties including that the results of an appellate review are uncertain and could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein.
