| Company: | Washington Mutual |
| Ticker Symbol: | NYSE: WM |
| Class Period: | April 15, 2003 to June 28, 2004 |
| Date Filed: | Jul-23-04 |
| Lead Plaintiff Deadline: | Sep-20-04 |
| Court: | Western District, WA |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of all persons who purchased the publicly traded securities of Washington Mutual, Inc. (NYSE: WM) between April 15, 2003 and June 28, 2004, inclusive (the "Class Period"). Also included are present and former employees who purchased stock through Washington's Retirement Savings Plans and all those who purchased Washington's shares in the offering on or around March 17, 2004.
The Complaint alleges that Washington, a retailer of financial services, and certain of its officers and directors issued materially false statements regarding the Company's ability to grow in the face of any expected interest rate increases, as well as the Company's purported financial hedging strategies. On June 29, 2004, defendants issued a press release announcing a very significant earnings and net income shortfall which far exceeded any guidance previously sponsored and endorsed by defendants. According to this release, increases in interest rates had, in fact, impacted the Company's mortgage banking business to such an extent that earnings for the full year were revised to as low as $3.00 per share, compared to the up to $4.80 per share guidance provided at the inception of the Class Period. In addition, defendants had not properly hedged the Company's interest rate risk such that is was now having a material adverse impact on Washington Mutual, Inc. Following the publication of this surprising and belated news, the Company's common shares fell to $36.50 per share, from a closing price of $41.31 per share on June 29, 2004.
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.
The Complaint alleges that Washington, a retailer of financial services, and certain of its officers and directors issued materially false statements regarding the Company's ability to grow in the face of any expected interest rate increases, as well as the Company's purported financial hedging strategies. On June 29, 2004, defendants issued a press release announcing a very significant earnings and net income shortfall which far exceeded any guidance previously sponsored and endorsed by defendants. According to this release, increases in interest rates had, in fact, impacted the Company's mortgage banking business to such an extent that earnings for the full year were revised to as low as $3.00 per share, compared to the up to $4.80 per share guidance provided at the inception of the Class Period. In addition, defendants had not properly hedged the Company's interest rate risk such that is was now having a material adverse impact on Washington Mutual, Inc. Following the publication of this surprising and belated news, the Company's common shares fell to $36.50 per share, from a closing price of $41.31 per share on June 29, 2004.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
