| Company: | New Century Financial Corp. |
| Ticker Symbol: | NYSE: NEW |
| Class Period: | April 7, 2006 to February 7, 2007 |
| Date Filed: | Feb-10-07 |
| Lead Plaintiff Deadline: | Apr-10-07 |
| Court: | Central District, CA |
| Allegations: |
Shareholders of New Century Financial Corp. ("New Century") (NYSE: NEW) who purchased shares during the period between April 7, 2006 and February 7, 2007 (the "Class Period"), may now move for appointment as lead plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Central District of California. No class has yet been certified in this action.
New Century and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Particularly, late on February 7, 2007, New Century announced that it will have to restate its consolidated financial results for the first three quarters of 2006 to correct errors the Company discovered in its application of generally accepted accounting principles regarding the Company's allowance for loan repurchase losses.
As a result of this shocking news, New Century's stock collapsed $10.92 per share to close at $19.24 per share on February 8, 2007, a one-day decline of 36%, on volume of 25 million shares, 17 times the average three month volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
New Century and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. Particularly, late on February 7, 2007, New Century announced that it will have to restate its consolidated financial results for the first three quarters of 2006 to correct errors the Company discovered in its application of generally accepted accounting principles regarding the Company's allowance for loan repurchase losses.
As a result of this shocking news, New Century's stock collapsed $10.92 per share to close at $19.24 per share on February 8, 2007, a one-day decline of 36%, on volume of 25 million shares, 17 times the average three month volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
