Fremont General In Securities Class Action Lawsuit
A class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all purchasers of securities of Fremont General Corp. from May 9, 2006 through February 27, 2007. On behalf of class members, plaintiff seeks to recover damages.
The complaint alleges that the company failed to disclose that it has under-reserved for loan losses due to worsened subprime industry. Company’s underwriting guidelines were not adequately restrictive for borrowers in the subprime loan market and had engaged in unsatisfactory lending practices. Totally it lacked adequate internal and financial controls.
Filed under Class Action, General Law
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