Business & Finance
Business and Finance
Business and Finance
Tue, April 26, 2011 Judge Enters Judgment in BankAtlantic Bancorpa?s Favor in Shareholder Suit
FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--BankAtlantic Bancorp, Inc. (NYSE: BBX) (the aCompanya) announced today that the Judge has granted its motion for judgment as a matter of law and entered judgments in favor of the defendants as to all of the plaintiffs claims in the shareholder class action brought against BankAtlantic Bancorp and certain of its directors and executive officers in the United States District Court for the Southern District of Florida. On November 18, 2010, the jury in the lawsuit returned a verdict in favor of shareholders who purchased shares of the Companya™s Class A Common Stock during the period from April 26, 2007 to October 26, 2007. At that time, the Company stated that it believed that the verdict was contrary to law and would be set aside either by the Court or on appeal.
"We are obviously very pleased with this result. It goes without saying that this has been a very difficult time for banks in Florida. BankAtlantic lost money and Bancorpa™s stock price declined largely because of the collapse of the Florida real estate market, a risk that was fully disclosed."
BankAtlantic Bancorpa™s Chairman and Chief Executive Officer, Alan B. Levan, commented, aWe are obviously very pleased with this result. It goes without saying that this has been a very difficult time for banks in Florida. BankAtlantic lost money and Bancorpa™s stock price declined largely because of the collapse of the Florida real estate market, a risk that was fully disclosed.a
BankAtlantic Bancorp previously filed a motion for sanctions that the Judge denied without prejudice to reasserting following entry of these judgments. BankAtlantic Bancorp intends to seek recovery of its attorneysa™ fees and costs against the plaintiffs and their counsel.
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, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.
For further information, please visit our websites:
[ www.BankAtlanticBancorp.com ]
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The matters discussed in this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended regarding ongoing litigation that involve substantial risks and uncertainties including but not limited to that the plaintiffs may appeal the judgments entered, that the appellate courts may reverse the entry of the judgments and that we may not prevail in our motion for sanctions or recovery of our costs and expenses.
